The Bitcoin (BTC) price experienced a slight decline, holding just below the significant $100,000 mark at the end of the week. By Thursday, the price had fallen by 7% to approximately $91,000. This pivotal moment has sparked discussions and speculation regarding Bitcoin’s behavior in the short, medium, and long-term, especially amidst increasing market volatility.
Expert Predicts Bitcoin Could Reach $200,000
Market expert VirtualBacon offers an insightful perspective, suggesting that while reaching the $100,000 milestone is noteworthy, it does not encapsulate the full potential of Bitcoin. He describes the current phase as the “thrill stage,” driven by retail investors’ fear of missing out (FOMO) and widespread media attention.
Although Bitcoin’s journey to $100,000 may not signify an ideal early entry point, VirtualBacon confidently predicts an eventual rise to $200,000, drawing on historical price cycles as a basis for his forecast.
However, the expert advises investors to brace themselves for potential corrections ranging from 20% to 30%. Despite this caution, VirtualBacon maintains a positive outlook on Bitcoin’s long-term prospects.
Insights from Previous Bull Runs
VirtualBacon provides further insights into the current bull run’s potential duration by referencing past cycles. He notes that major price increases typically last between 6 to 10 months. Historical data reveals that bull runs often peaked within this timeframe after key milestones, such as Bitcoin’s halving events.
Drawing parallels between Bitcoin’s recent $100,000 breakthrough and its initial surge past the $10,000 level in 2017, VirtualBacon points out that the latter resulted in a rapid price doubling within just 20 days. If history is any guide, the analyst anticipates that Bitcoin’s price could soar to $200,000. Conversely, if the price consolidates around $100,000, it might indicate a prolonged bull run, potentially benefiting altcoins.
Ethereum: A ‘No-Brainer Investment’
While Bitcoin’s rise above $100,000 captures widespread attention, VirtualBacon emphasizes the promising potential of altcoins. He believes that as Bitcoin stabilizes, altcoins will seize the spotlight, with Ethereum (ETH) leading the charge in the anticipated altcoin season.
Historical patterns reveal that during previous cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin achieves the $200,000 mark, VirtualBacon forecasts that Ethereum could soar to $15,000, marking a fourfold increase.
Strategic Investment in Ethereum
Interestingly, VirtualBacon regards Ethereum as a “no-brainer investment” at this juncture, citing its “significant undervaluation” and potential to yield at least a 3x return. He sets realistic price targets for Ethereum between $10,000 and $12,000.
In conclusion, VirtualBacon advises closely monitoring Bitcoin’s performance relative to its 200-day exponential moving average. He predicts that the bull market will endure until late 2025, offering numerous opportunities for astute investments.
At the time of writing, Bitcoin, the largest cryptocurrency by market capitalization, is trading at $99,670, reflecting a 3.2% increase over the week. Over longer timeframes, Bitcoin continues to demonstrate substantial gains, with over 31% growth on a monthly basis and a remarkable 129% year-to-date.
