Bitcoin Price Nears $100,000 Mark in 2024 Rally
by Oliver Dale · BlockonomiTLDR
- Bitcoin predicted to exceed $100,000 before year-end according to Fundstrat’s Tom Lee
- Current price around $90,260, up 10% weekly
- Historical patterns suggest Bitcoin is entering parabolic phase with potential for sustained growth
- Technical analysis indicates possible near-term correction with support levels at $85,800-$83,250
- Trump’s potential designation of Bitcoin as national reserve asset could impact price trajectory
Bitcoin’s price trajectory continues to show remarkable strength as it trades near $90,970, maintaining a steady upward trend that has captured the attention of both institutional and retail investors alike.
Tom Lee, head of research at Fundstrat, has publicly stated his expectation for Bitcoin to reach “comfortably over $100,000” before the end of the year.
His analysis comes at a time when the cryptocurrency has demonstrated consistent price stability above the $90,000 mark.
The current market dynamics show similarities to previous bull cycles, according to crypto analyst Ali Martinez. During the 2017 bull market, Bitcoin experienced a 156% increase beyond its previous all-time high before a correction. The 2020 cycle showed a similar pattern with a 121% rise before pulling back.
The political landscape has added another layer of complexity to Bitcoin’s price movement. Donald Trump’s recent victory over Kamala Harris in the presidential election has introduced new variables into the market equation.
Trump’s earlier promise at the National Bitcoin Conference in Nashville to potentially designate Bitcoin as a national reserve asset has created additional market optimism.
Technical analysis reveals several key support levels that traders are watching closely. Martinez identifies critical support zones between $85,800 and $83,250, with additional support levels at $75,520 to $72,880. These levels could prove essential if the market experiences a correction phase.
Recent data shows that Bitcoin has increased by 28% since surpassing its previous all-time high and has been in a consolidation phase for approximately six days.
This pattern mirrors the 2020 bull run, when Bitcoin initially surged by 26% after breaking its previous record, consolidated for a week, and then made a substantial move toward $40,000.
Market indicators suggest that Bitcoin is entering what analysts term a “parabolic phase.” Rekt Capital notes that week three of the cycle’s “first price discovery uptrend” has begun. Historical data indicates that Bitcoin typically experiences around 300 days of parabolic movement in each cycle.
Trading volumes have shown robust growth, with investors collectively realizing profits of over $5.42 billion. This profit-taking hasn’t dampened market momentum, as new buyers continue to enter the market at current price levels.
The TD Sequential indicator has presented a sell signal on Bitcoin’s daily chart, while the Relative Strength Index (RSI) suggests overbought conditions. These technical indicators warrant attention from traders managing risk in their positions.
For the bullish outlook to remain valid, analysts suggest that Bitcoin needs to maintain a sustained daily close above $91,900. This price point serves as a crucial threshold that could invalidate bearish scenarios and potentially trigger a breakout toward the $100,680 target.
MicroStrategy’s recent record-breaking $4.6 billion Bitcoin purchase has demonstrated continued institutional confidence in the asset. This type of large-scale acquisition often serves as a catalyst for price appreciation.
Google search interest for Bitcoin has seen a notable increase, indicating growing retail interest in the cryptocurrency. This metric often correlates with increased market participation and price movement.
The weekly chart shows Bitcoin registering its largest weekly close in history, suggesting strong buying pressure at current levels. This technical achievement often precedes further upward price movement.
Market structure analysis indicates that Bitcoin has broken out of a one-week symmetrical triangle pattern, which typically signals trend continuation. This breakout could support predictions of Bitcoin reaching $100,000 in the near term.
Current trading data shows Bitcoin at $90,260, representing a 10% increase over the past week. The 24-hour trading volume remains robust, indicating active market participation at these price levels.
Historical analysis of previous cycles suggests that major corrections typically occur several weeks after entering price discovery mode. In 2013, it took six weeks before a substantial pullback, while 2017 saw eight weeks of upward movement before a correction.
The current consolidation phase at the $89,000-$90,000 range has established a strong support base, with buyers consistently stepping in at these levels.