Bitcoin (BTC) price rallied to a fresh two-year high of around $49,000 on Thursday after the 11 spot Bitcoin exchange-traded funds (ETFs) opened trading on the respective stock exchanges. However, the flagship coin had since retracted about 6 percent to trade around $46k during the early Asian session on Friday.
Nonetheless, the heightened Bitcoin trading volume suggests that the macro bull rally is here for the next two years. Moreover, the weekly 50 and 200 Moving Averages (MA) have formed a golden cross for the first time in Bitcoin’s history.
The popular crypto analyst compared the current Bitcoin price breakout to the last two bull markets in 2017 and 2021. With Bitcoin price having reached a crucial resistance level of around $49k, Crypto Jebb analyst is confident the flagship coin will reach $52k in the next six months. Furthermore, the first time Bitcoin retested the $781 resistance level in June 2016, the asset dropped over 40 percent in 50 days and it took six months to return to the same level.
Similarly in the 2021 bull market when Bitcoin price retested the resistance level around $14k, the instrument dropped nearly 70 percent and took nine months to return to the same level. As a result, the crypto analyst highlighted that Bitcoin price could comfortably reach $100k by the end of this year.
“Within 90 days of breaching ATH, Bitcoin price has historically rallied 50 percent higher than the ATH. Thus August to October this year, Bitcoin price will probably be trading around $100k,” the analyst noted.
Generally, the crypto analyst said that 2024 will be an extremely bullish year for Bitcoin fueled by upcoming halving and spot ETF FOMO, in addition to the expected federal funds rate cuts.
However, in the case of Bitcoin price correction after the spot ETF approval event, the analyst is confident of a solid support level of around $31,800.
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