In a recent YouTube video, the analyst behind the NCashOfficial – Daily Crypto News channel shared his outlook on the crypto market and predicted Bitcoin could reach $100,000 ahead of its 2024 halving.
While noting Bitcoin’s current price is above $40,000, the analyst said he remains bullish in the short term and believes the top cryptocurrency is mirroring price action from previous market cycles. Specifically, he pointed to analysis showing that 200 days before the last two Bitcoin halvings, its price was down 60-65% from its all-time high – similar to its current positioning.
We are now getting very, very close and what’s interesting about this is where we were at when this post got posted now. Everyone is looking at the March of 2020 timeframe and saying “that’s it, Bitcoins going to flush down to $30,000.”
Furthermore, the analyst said that he believes the unprecedented black swan event of March 2020 is unlikely to repeat. Looking at historical data, the analyst noted that altcoins like XRP will typically begin rallying after Bitcoin breaks its all-time high.
While unpredictable, he believes the tide could shift toward altcoins if Bitcoin continues running upwards. Though $100,000 Bitcoin could happen, he doubts the top crypto will reach the recently-predicted $500,000 price point during this cycle.
The analyst also highlighted increasing mainstream and institutional interest in Bitcoin as a bullish sign. He remains skeptical of a potential retail investor “trap” if Bitcoin exchange-traded funds (ETFs) get approved in early 2024, as some predict. Still, he believes approval could spark further Bitcoin gains soon.
In the analyst’s view, the next few months will prove “fun” for crypto as he believes another bull run is in its early stages, retail interest hasn’t arrived yet, and many are not prepared for what is coming. While unpredictable, he sees Bitcoin potentially topping out between $100,000 and $150,000 this cycle ahead of its 2024 halving.