- Bitcoin has hit a new high above $87,000 and could bounce past $100,000 amid bullish momentum.
- If it happens, the bull market case is for a rally to $150k, an analyst says
With Bitcoin rallying to a new all-time high above $87,000, the overall sentiment suggests it’s likely to continue higher. Although a breather could be due, analysts are suggesting this might just be a start of a major bull run for the benchmark crypto asset.
Bitcoin hits $87k: What next?
BTC rallied higher after breaching $84k amid MicroStrategy’s $2 billion worth of bitcoin purchase. The upward move now sees it trade above $87k. This is after the momentum carried from the past week, which saw Donald Trump become president-elect.
According to crypto analyst Kaleo, the next stop for BTC could be $90k before a brief consolidation. However, this might offer the next upward bounce.
Now, past performance is not an indicator of future gains, the market knows. Nonetheless, crypto analyst Kaleo says should Bitcoin price take a similar trajectory to its previous cycle, it could stall around $90k. This should however be only for a brief period before the upside momentum returns to push bulls beyond $100k.
“When Bitcoin finally made a clean break above the previous cycle’s all time high in December of 2020, it ripped 22% higher without pulling back over the course of several days before it slowed down a bit,” the analyst posted on X. “It spent about [a] week consolidating [there] prior to beginning another 75% up only run over the course of the next few weeks,” he added.
When Bitcoin finally made a clean break above the previous cycle’s all time high in December of 2020, it ripped 22% higher without pulling back over the course of several days before it slowed down a bit. It spent about week consolidating their prior to beginning… pic.twitter.com/UO2IypNLu5
— K A L E O (@CryptoKaleo) November 11, 2024
Per the chart the analyst shared, a bull market projection has Bitcoin price at $150k with a 75% breakout. Things may not play out as such, particularly with the market never moving in a straight line. Regardless, the long term view is super bullish for Bitcoin.
“The fun in this bull market is just getting started,” the analyst opined.
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