Bitcoin (BTC) recently briefly fell 7% to $91,000 this week, just below the $100,000 milestone. The price surge has many speculating over the future trajectory of the coin, with VirtualBacon’s market analyst saying it could rise to $200,000.
Retail Investor FOMO (fear of missing out) and enhanced media reporting is the expert’s reasoning behind this forecast. The current market phase, notes VirtualBacon, is the “thrill stage,” when virtual bacon is swarming with people excitedly attempting to acquire it.
But he tells investors to prepare for price corrections of 20 to 30 percent as Bitcoin embarks on its unpredictable rise. By drawing on historical data, he notes that major bull runs tend to last about six to ten months after key milestones – aka halving events. ‘He compares $100,000 milestone to when Bitcoin broke $10,000 in 2017 when it doubled in 20 days’.
Bitcoin Drives Market Momentum
History just might repeat itself and Bitcoin could go up to $200,000 in no time. Another way to read this is that we could consolidate around $100,000 and that would be considered as a continuation of momentum with the benefits spilling over to the wider crypto market.
Bitcoin headlines the scene, but VirtualBacon focuses on the opportunity of Ethereum (ETH) as an investment. Ethereum, he argues, hardly pales in comparison to Bitcoin’s performance during past cycles, regularly outperforming the orange coin by a factor of 2.5.
Ethereum can multiply four times bringing the rate to $15,000 if BTC would strike $200,000. He declares Ethereum to be ‘significantly undervalued’ and predicts a threefold return, or realistic price targets of between $10,000 and $12,000.
As BTC nears a new all time high, VirtualBacon advises investors to watch the movement over its 200 day exponential moving average as a mark of duration for the bull market. He expects the current cycle could go all the way to late 2025, making it a strong investment time.
Bitcoin has advanced 3.2% this week, with a year to date gain of 129% and trading at $99,670 at the time of writing. Prescient analysts expect retail excitement and strategic situating to guide the cryptocurrency world in the coming months, as market momentum builds.
