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Bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency reached a new all-time high of $103,679, an increase of more than 140% year-over-year and pushing its market capitalization above $2 trillion.
This achievement has sparked excitement among the investor community, solidifying Bitcoin’s position as a major player in the global financial markets.
Despite this impressive feat, Bitcoin has experienced a slight retracement. At the time of writing, it is trading at $101,573, up 6% in the last 24 hours.
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what comes next?
Market Intelligence Platform IntoTheBlock weighed in This development, on the other hand, provides insight into the potential trajectory of Bitcoin. Analysts at the forum highlighted that Bitcoin’s limited supply and growing interest from institutional investors and even countries have created significant growth potential.
Bitcoin crosses $100,000!
A big milestone, but what’s next?
With limited supply and enough interest from big investors (and even countries), the possibilities seem limitless. However, we recommend taking a look at previous cycles to evaluate the potential.
This chart shows… pic.twitter.com/5b60oTRJy3
-intotheblock (@intotheblock) 5 December 2024
However, past cycles indicate diminishing returns, with historical post-halving cycles showing returns of 7,900% in 2013, 2,560% in 2017, and 594% in 2021.
Based on these trends, IntoTheBlock expects a more conservative growth range of 100%-200% from the halving, suggesting a peak between $130,000 and $190,000. IntoTheBlock analysts specifically wrote:
So while some people are demanding a million dollars per Bitcoin, a more reasonable expectation would be 100%-200% return at half priceKeeping the top between 130k and 190k.
However the analysts also noted: “That is, unless Bitcoin becomes a global reserve asset, of course.”
Analysis of market trends and investor behavior
Meanwhile, a CryptoQuant analyst has provided additional insight In Bitcoin’s recent performance and market behavior. Bitcoin buying continues to surge, according to the analyst, with the Coinbase Premium Index reflecting strong buying activity in the United States.
The index, which tracks the price difference between Coinbase Pro and Binance, shows continued positive data, indicating active participation from US investors.
The analyst stressed the importance of monitoring this index along with broader trend analysis. For example, during periods classified as “fear phases”, where buyers retreat and bearish momentum fails to succeed, the market often creates opportunities for strategic entry points.
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If the index remains in positive territory, it indicates continuation of the uptrend, making it the optimal time for a pullback position. Buying positions should be maintained until Bitcoin reaches what analysts describe as “extra phase,” while securing profitable positions to minimize risk.
Featured image, chart from TradingView, created with DALL-E
