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The price of Bitcoin (BTC) was held just below $100,000 at the end of the week, falling 7% to around $91,000 on Thursday. This milestone fueled speculation about Bitcoin’s short-, medium-, and long-term behavior despite growing market volatility.
Expert Predicts Bitcoin Could Reach $200,000
According to for market experts VirtualBacon, while the $100,000 level is notable, it does not represent the peak of Bitcoin’s power. He refers to the current phase as the “exciting stage,” where retail investors are fueled by fear of missing out (FOMO) and media hype.
While Bitcoin’s march to $100,000 may not indicate an early entry point, VirtualBacon predicts it will eventually reach $200,000, citing past price cycles.
However, the expert warns that investors should be ready for a correction of 20% to 30%, but remains confident about the long-term potential of Bitcoin.
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Regarding the longevity of the running bull, VirtualBacon refers to it previous cycles which show significant price increases usually take 6 to 10 months. You see that previous bull runs tend to peak 6 to 10 months after significant events, such as the Bitcoin halving events.
VirtualBacon also drew a comparison between Bitcoin’s recent achievement of the $100,000 milestone and its first breach of the $10,000 level in 2017, which resulted in a rapid price reversal within 20 days.
If history repeats itself, the analyst believes that the price of Bitcoin may rise to $200,000. However, if the price it includes around $100,000, could indicate a continued bull run, which could be beneficial for altcoins.
Ethereum: A ‘No-Brainer Investment’
Although the excitement surrounding the increase of Bitcoin above $ 100,000 is visible, VirtualBacon insists that the real potential is there. altcoins. He believes that when Bitcoin consolidates, altcoins will certainly take center stage. Ethereum (ETH), in particular, is outperforming Bitcoin, predicting the upcoming altcoin season.
During previous cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum may grow to $15,000, which represents a fourfold increase.
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Interestingly, VirtualBacon considers Ethereum a “no-brainer investment” at this point, citing its “insignificant valuation” and the ability to generate at least 3x returns, which makes sense. target values ​​rfrom $10,000 to $12,000.
Finally, VirtualBacon advised to monitor the performance of Bitcoin in relation to its 200-day moving average. He expects the bull market to continue until the end of 2025, creating several smart investment opportunities.
At the time of writing, the largest cryptocurrency in the market, BTC, was trading at $99,670, up 3.2% for the week. Over the long term, Bitcoin is still showing significant gains of over 31% and 129% month-to-date and year-to-date, respectively.
Featured image from DALL-E, chart from TradingView.com
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