Bitcoin Bull Run Continues: Is $100K the Next Target? Analysts Weigh In

Published by

Vignesh S G

October 30, 2024

Yesterday, the Bitcoin market climbed to a new monthly peak of $72,747.03, getting closer to breaking the all-time high of $73,000. In just the past week, Bitcoin has surged by an impressive 7.9%. A recent post by user Captain Faibik on X pointed out that Bitcoin has broken out of an eight-month consolidation pattern. He also shared interesting predictions about where the market could go in the coming months.

Want to learn more? Read on!

Bitcoin Breaks 8-Month Consolidation Pattern

The chart shared by Captain Faibik shows that the BTC market has been consolidating within a ‘Descending Broadening Wedge’ pattern for the last eight months. The expert asserts that the market has broken above the described pattern.

Since October 26, the Bitcoin price has climbed by at least 8.62%. Last day alone, it sharply rose from $69,987.62 to $72,747.03, marking a significant single-day surge of 3.94%.

Bitcoin Price Predictions

The crypto analyst believes that Bitcoin could reach between $88,000 and $90,000 by the end of next month or early December. The post also suggests that a target as high as $100,000 might be possible.

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What the Breakout Could Mean for Bitcoin

With the latest breakout, it becomes apparent that the market might not have to wait long to see a new ATH. Right now, the price of Bitcoin is $72,363.53 – just 0.87% below the current ATH level. Since October 11, the market has witnessed an impressive growth of 19.97%. The market appears extremely bullish. The breakout is expected to boost the confidence of Bitcoin investors even further.

As Bitcoin continues its rally, all eyes are on the coming weeks to see if it can meet or exceed the targets forecasted by the cryptocurrency analyst.

Stay tuned to Coinpedia for the latest updates on Bitcoin’s price momentum!

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.