Bitcoin Price Holds Below $100,000 as Expert Predicts $200,000 Target
The Bitcoin (BTC) price closed just below $100,000, falling 7% to approximately $91,000 on Thursday. This milestone has sparked speculation about Bitcoin's future amidst increased market volatility.
Expert Predicts Bitcoin Could Reach $200,000
Market expert VirtualBacon suggests that while the $100,000 level is significant, it does not represent Bitcoin's maximum potential. He characterizes the current phase as the "thrill stage," driven by retail investor FOMO and media hype.
VirtualBacon anticipates that Bitcoin will eventually reach $200,000, referencing historical price cycles. He advises investors to prepare for potential corrections of 20% to 30%, but remains optimistic about Bitcoin's long-term prospects.
He notes that previous bull runs typically last 6 to 10 months following major milestones such as halving events. VirtualBacon compares this situation to Bitcoin's rise past $10,000 in 2017, which led to a rapid doubling of price within 20 days.
If patterns hold, Bitcoin could soar to $200,000. However, if it consolidates around $100,000, it may indicate a sustained bull run beneficial for altcoins.
Ethereum: A ‘No-Brainer Investment’
While excitement surrounds Bitcoin's surge, VirtualBacon emphasizes that altcoins present substantial potential. He predicts that when Bitcoin stabilizes, altcoins will gain prominence, particularly Ethereum (ETH), which is expected to outperform Bitcoin and lead into an altcoin season.
Historically, Ethereum has outperformed Bitcoin by a factor of 2.5; if Bitcoin reaches $200,000, Ethereum could rise to $15,000, representing a fourfold increase.
VirtualBacon regards Ethereum as a "no-brainer investment" due to its significant undervaluation and potential for at least a 3x return, with price targets ranging from $10,000 to $12,000.
He recommends monitoring Bitcoin’s performance against its 200-day exponential moving average, forecasting a continuing bull market until late 2025, which may offer multiple investment opportunities.
At the time of writing, BTC was trading at $99,670, up 3.2% for the week, with significant gains of over 31% monthly and 129% year-to-date.
Featured image from DALL-E, chart from TradingView.com.