Highlights:
- Bitcoin could be on track to clinching a new ATH above $100,000.
- Market expert draws BTC’s projected ascent from the token’s Q1 trends.
- Bitcoin’s “Holders Making Money at Current Price” statistics soar, underscoring the gradual recovery in market valuation.
A renowned market expert recently forecasted that Bitcoin is on track to clinch a $100K or more price mark. Interestingly, the analyst’s assertion stems from BTC’s price actions in 2024’s Q1, which culminated in the token’s current all-time high (ATH).
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For context, Bitcoin attained its current peak price earlier this year, particularly in March, when it struck $73,737.94. However, the flagship cryptocurrency has shed off most gains. It is trading at about $57,400, following a subtle 0.8% decline from the previous day.
Notably, BTC’s present selling price implies that the pioneer cryptocurrency is below its ATH by approximately 21.8%. Also, its current valuation indicates recovery from massive declines following tremendous token sell-offs by the German and the U.S. governments
In the past 24 hours, Bitcoin’s maximum and minimum price range fell between $59,313.97 and $57,127.36, respectively. Hence, it signifies hope about the possibility of breaking above $60,000 happening any moment from now.
Why is Bitcoin on Track for $100K?
Taking to his verified X handle, TedPillows, a renowned market expert, has asserted that BTC is replicating previous Q1 trends. According to him, Bitcoin’s cycle in 2021 resulted in the coin’s current peak price. Hence, he envisages a cycle repeat that would result in a new ATH, with targets of $100,000 or more.
How Q1 Trends Progressed
Per TedPillows, BTC traded around $48,000 in January 2024 after surging from below the $30,000 price region in late 2023. During its ascent earlier this year, BTC encountered significant resistance that saw it drop by about 22%.
Based on calculations, a 22% drop implies that BTC plummeted around the $38,000 region at some points. However, it took roughly a month before the token recovered, skyrocketing to its $73,737.94 peak price, TedPillows claimed.
Timeline for New Trend Conclusion
Estimating the potential for the new Q1 trends conclusion, the market expert noted that it would require a longer time frame. Part of his post read thus, “Something similar could happen now, but the timeframe will be longer.”
Going further, TedPillows noted that Bitcoin will consolidate below $74K throughout Q3, adding that a significant breakout will likely happen in Q4. In his exact wordings, the analyst remarked, “BTC will consolidate below $74K in Q3, and the major breakout will happen in Q4, leading to $100,000+.”
#Bitcoin is following a similar path as of Q1 2024
▫️ BTC hit $48,000 and then witnessed a 22% dump.
▫️ It took a month to recover from it, and then made a new ATH in March.
▫️ Something similar could happen now, but the timeframe will be longer.
BTC will consolidate below… pic.twitter.com/ZOEuR8oz0N
— Ted (@TedPillows) July 11, 2024
Bitcoin Holders’ Making Gains Spike
Following Bitcoin’s gradual recovery, the data analytical platform IntoTheBlock has reported an impressive increase in BTC’s statistical summary. Interestingly, the token’s “Holders Making Money at Current Price” statistics revealed that 83% are in profit. 2% are neither losing nor gaining, while 15% are accumulating losses.
Other relevant data disclosed that whale BTC investors are just 12%. Net exchange inflows were positive, with a massive $871.6 million in funds pumping into exchanges. In its “Holders Composition by Time Held” statistics, IntoTheBlock noted that 70% of BTC had been owned by BTC for over a year. 25% have held on to the token between 1 to 12 months, while 5% have owned it for less than a month.
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