By Michael Scott
Bitcoin eyes $100,000 milestone with analysts anticipating a 150% surge to $170,000.
Bitcoin dominates the market attention owing to its sustained push towards the $100,000 threshold. The daily charts on CoinGecko show Bitcoin nearly hit $99,800 on Friday, November 22, only to retreat over the weekend to a floor price of $90,752.43.
The latest updates show Bitcoin price is up 1% to change hands at $93,049.76 per CoinGecko. Such represents a modest intraday gain, given that the premier asset climbed 7% over the past week, displaying robust upward momentum.
Bitcoin Roadmap to $170K
The price action witnessed since Friday attracted scrutiny of Bitcoin’s trajectory. Recent insights by Egrag Crypto on X indicate that Bitcoin could surge to hit $170,000, though with potential retracement.
The analyst indicates that Bitcoin will first test $100K, then chart a path to $102K and later $104K ahead of a significant pullback.
Egrag Crypto anticipates the correction could align with the CME gap observable between the $78K-80K range. Such constitutes a commonly tracked target on the Bitcoin futures chart within the Chicago Mercantile Exchange (CME).
The analyst indicates that if Bitcoin tumbles to the $73,000 range, it would trigger cascading sell-offs. Such could condemn Bitcoin to retest, though ahead of sharp recovery past key breakout levels. Egrag Crypto roadmap mirrors the price movement witnessed during the 2017-18 cycle to suggest history could repeat itself.
Market analyst Moustache indicated on X that the monthly chart shows the Relative Strength Index (RSI) surpassing 70 levels. The analyst spotlights that historically the threshold often precedes significant price increases and the ultimate peak of the cycle.
The analysts consider the indicator to create optimism about the subsequent market movements in the coming months.
Stronger Bullish Behavior
Recent data from on-chain analyst CryptoQuant shows bullish patterns emerging on the on-chain, indicating that the rally is in the infancy stages. In particular, its Bull-Break Market Cycle Indicator is within the bullish zone to mirror the early 2020 conditions.
The trend often precedes a huge price upsurge for BTC, a perspective the analysts consider to reflect in the present market behavior. In particular, the analysts point out that the recent whale accumulation bolstered the confidence of the Bitcoin market.
CryptoQuant chief executive Ki Young Ju emphasizes that the large-scale acquisition of Bitcoin is fueling the rally further. While the data faced criticism as exaggerated, it now aligns with the sustained surge in the market uptick to signal renewed investor confidence.
Standard Chartered Predict Bitcoin Dip Before Rebound to $100,000
Standard Chartered analysts add weight to the forecast of Bitcoin breaking above the six figures. While Bitcoin dipped to trade below the $94K level over the weekend, the British multinational bank anticipates a rebound to the magical $100,000 mark. However, they acknowledge that Bitcoin could still dip further.
The Standard Chartered research head Geoff Kendrick warned that more pain would befall Bitcoin as it could decline to $88,700. The analyst alleges the decline arose from the new Treasury Secretary, Scott Bessent.
Kendrick considers the catalyst for the downtrend witnessed in Bitcoin price yesterday was the Bessent announcement for reduced US Treasury term premium. He adds that the treasury has surged since Donald Trump settled on Scott Bessent for the US Treasury Secretary. Notably, yields declined by over ten basis points across the five- to thirty-year maturities.
Kendrick explains that Bitcoin could lose the bullish steam in the short term. He reiterated the core utilization of Bitcoin is hedging against the issues emerging in the banking sector and traditional finance.
As an experienced hedge fund manager, Bessent is perceived as a fiscal conservative within Wall Street, implying that he could advance more sensible monetary policy, particularly involving tariffs.
The analysts recount that Trump had assured of aggressive policy on tariffs and imports. The cite economists who indicated that American treasuries were retreating, translating to higher inflation.
Most market analysts anticipate that Bessent will tame Trump’s aggressive policy, thus allowing the treasury to rebound. Bitcoin is typically perceived as the ideal hedge against oppressive monetary policy and inflation. With the US treasuries rallying, investors will increase the uptake of traditional financial products.
Since the Trump re-election, Bitcoin has staged a wild run to breach the previous high and only to stop short of the $100K. It emerges from the promises to deregulate, tax cuts, and support the digital asset industry.
Kendrick indicates that fulfilling the promise will sustain the bullish momentum for Bitcoin. The analyst considers it possible for Bitcoin to hit $125K before the end of 2014 and $200K by the end of 2025.