KEY INSIGHTS:
- Bitcoin is experiencing significant volatility around the $58K level.
- Predictions suggest that BTC could reach $100K by the end of 2024, driven by optimism following the halving event.
- By 2030, Bitcoin could potentially hit $270,593 due to increasing institutional interest.
Currently, Bitcoin is facing resistance around the $70K mark, marking its third bearish reversal this year. Despite bearish technical indicators, many analysts remain optimistic, forecasting that BTC could still reach $100K.
As the second quarter ends quietly, Q3 begins with a breakout rally, attempting to push beyond $70K. After bouncing back from the critical $60K support level, there is optimism for a sustained bull market.
Ki Young Ju, CEO of CryptoQuant, highlighted a pattern similar to 2020 when Bitcoin stayed around $10,000 before surging to $64,000 in 2021. In 2024, a similar pattern is emerging, with daily additions of $1 billion to whale wallets.
Despite mixed flows into spot Bitcoin ETFs, the sentiment in the U.S. remains bullish as HODLers anticipate a continuous uptrend beyond $75K, leaving experts to wonder: Can Bitcoin break through the $100K barrier? With a bullish outlook for 2024, there’s growing speculation that BTC could indeed surpass $100K in the near term.
Amid rising on-chain activity, questions arise such as: “Can Bitcoin reach $100K?” or “Will Bitcoin’s price increase over the long term?” Let’s dive into our Bitcoin price forecast.
Overview:
- Cryptocurrency: Bitcoin (BTC)
- Price: $58,956
- Market Cap: $1.24 trillion
- Trading Volume: $22.3 billion
- Circulating Supply: 19,719,062 BTC
- All-time High: $73,750 (March 14, 2024)
- All-time Low: $0.04865 (July 15, 2010)
- 24-hour High: $66,810
- 24-hour Low: $63,573
Bitcoin Price Prediction: Technical Overview
- Current Price: $58,956
- Prediction: $85,733 (+33.57%)
- Fear & Greed Index: 52 (Neutral)
- Sentiment: Bearish
- Volatility: 6.79%
- Green Days: 15/30 (50%)
- 50-Day SMA: $63,297
- 200-Day SMA: $60,899
- 14-Day RSI: 51.47
Analysis:
- Bitcoin faces bearish pressure around $58K.
- Resistance level: $61,406
- Support level: $58,116
As of September 1, Bitcoin is under selling pressure near $58K, aiming for a quick recovery above the nearest resistance level. If it fails, the price could drop further, potentially starting a bearish trend.
