Bitcoin Nears $70K After Major Price Drop, Analyst Foresees Incoming 43.85% Surge to $100K
coinedition.com 29 July 2024 09:46, UTC Bitcoin has climbed back to the $70,000 mark after a substantial price drop to the $53,000 range earlier this month. Today, Bitcoin hit a daily high of $69,851 following several key events, bolstering the market values of Ethereum, Solana, and XRP.
Amid this bullish trend, market tracker Spot on Chain has updated its outlook for Bitcoin, now projecting a price point of $100,000 in the coming weeks.
✅✅ Similar to what we predicted in April, the #Bitcoin price had dipped to as low as $54.7K and is now rebounding to $70K in this turbulent July.
In the upcoming months, we expect some significant movements in the price of $BTC, which potentially reaches $100K in the latter… https://t.co/lie8sHEtS4 pic.twitter.com/NEChnh6DmX
— Spot On Chain (@spotonchain) July 29, 2024
In an earlier analysis, Spot on Chain predicted that Bitcoin’s price would fall below $60,000 before experiencing a significant rebound. Indeed, this forecast materialized as Bitcoin fell to around $53K this month.
A major factor influencing Bitcoin earlier this month was the German government’s sale of approximately $3 billion worth of the cryptocurrency. Concurrently, the defunct Japanese exchange Mt. Gox announced it would begin repaying creditors in July, with $9 billion in Bitcoin tokens set for distribution.
These developments, along with the U.S. government’s transfer of $241 million in Bitcoin to Coinbase, exerted downward pressure on Bitcoin’s price.
However, Bitcoin has since stabilized as the market absorbed these events. The asset has recovered all losses recorded earlier this month and is now on track to reclaim the $70,000 threshold. Contributing to the ongoing bullish sentiment is U.S. Presidential candidate Donald Trump’s speech at the recently concluded Bitcoin 2024 Conference.
In their updated analysis, Spot on Chain expressed confidence in a continued bullish performance for Bitcoin, forecasting that the asset could reach $100,000 by the end of this year. With Bitcoin trading at $69,512 at the time of writing, it would need to rally by 43.85% to achieve this target.
Furthermore, the analysis projected that Bitcoin could reach $150,000 in the first half of 2025, representing a 115.78% increase from its current value.
As Bitcoin’s price surges, its closest rival, Ethereum, has posted a 4.46% gain over the past day, reaching $3,341.02. Meanwhile, Solana (SOL) gained 4.30% in the past 24 hours to hit the $190 level. At the same time, XRP saw a 1.07% increase in value, reaching $0.6065 today.
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