Bitcoin Nears $100,000: Market Expert Predicts $200K Surge Amid Retail FOMO And Volatility

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As a seasoned crypto investor with over a decade of experience in this wild west of digital assets, I find myself intrigued by VirtualBacon’s insights. Having witnessed the 2017 bull run and the subsequent bear market, his comparisons between Bitcoin’s current $100,000 milestone and its past performance resonate with me.

At the close of the week, the price of Bitcoin (BTC) hovered slightly under $100,000, experiencing a 7% decrease to approximately $91,000 on Thursday. This significant level has fueled discussions about potential fluctuations in Bitcoin’s near, mid-term, and long-term performance amid rising market turbulence.

Expert Predicts Bitcoin Could Reach $200,000

As per market analyst VirtualBacon’s viewpoint, the $100,000 mark is significant, but it doesn’t signify the maximum potential of Bitcoin. He likens the present situation to the “exciting phase,” where individual investors are driven by the fear of missing out (FOMO) and media buzz.

Although Bitcoin’s march to $100,000 may not indicate an early entry point, VirtualBacon predicts it will eventually hit $200,000, citing past price cycles.

Nevertheless, the expert advises that investors should brace themselves for potential drops of 20% to 30%, yet he remains optimistic about Bitcoin’s future prospects in the long run.

As for the current market surge, VirtualBacon points out that similar price spikes in past cycles usually persist for 6 to 10 months. He notices that these bull runs typically reach their highest point around 6 to 10 months following significant landmarks, like Bitcoin’s halving occasions.

Just like how VirtualBacon pointed out, the recent surpassing of Bitcoin’s value at $100,000 mirrors its initial leap above $10,000 back in 2017. This earlier milestone led to a rapid doubling of the price within just 20 days.

Should history follow its pattern, the analyst anticipates that the value of Bitcoin could soar as high as $200,000. Conversely, if the price remains stable around $100,000, it might indicate a prolonged period of growth, which would be advantageous for altcoins.

Ethereum: A ‘No-Brainer Investment’

While the euphoria surrounding Bitcoin’s surge above $100,000 is apparent, VirtualBacon emphasizes that the real potential are in altcoins. He believes that when Bitcoin consolidates, altcoins will certainly take center stage. Ethereum (ETH), in particular, is outperforming Bitcoin, predicting an upcoming altcoin season.

In previous market phases, Ethereum has shown a performance that is approximately 2.5 times greater than Bitcoin. If Bitcoin were to reach $200,000, VirtualBacon’s prediction suggests that Ethereum could potentially double its value, reaching around $15,000. This forecast implies a fourfold increase for Ethereum compared to Bitcoin’s potential rise.

It’s worth noting that VirtualBacon views Ethereum as an excellent investment opportunity right now, pointing out its current undervalued state and potential for returns of up to 3 times the initial investment. They predict realistic price targets for Ethereum ranging between $10,000 and $12,000.

In summary, VirtualBacon recommended keeping an eye on Bitcoin’s fluctuations relative to its 200-day exponential moving average. He anticipates that the bullish phase will persist through late 2025, potentially opening up various smart investment opportunities.

Currently, when this text is being penned down, the most prominent cryptocurrency, Bitcoin (BTC), was being transacted at approximately $99,670. This represented an increase of 3.2% over the past week. On a more extended timeline, Bitcoin has demonstrated substantial growth, with a rise of over 31% in the last month and an impressive 129% increase since the beginning of the year.

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2024-12-08 11:10