Bitcoin knocks on the door of $99,000! Analyst: There is still room to double in this round, Ethereum revives and drives Layer 2 explosion

Bitcoin continues to set historical highs, just a step away from the $100,000 mark. A recent report from BCA Research shows that Bitcoin still has room to double in this bull market. (Background: Bitcoin breaks $97,000! CryptoQuant CEO: Current data is similar to the early stage of the 2020 BTC bull market) (Additional background: Bitcoin's market share has 'soared to 61.6%', reaching a nearly four-year high; is there still hope for altcoins?) Bitcoin has repeatedly broken new highs this week, officially surpassing $98,000 at 19:00 last night, and this morning (22) around 03:15, the spot price reached a maximum of $98,960, while perpetual contracts have exceeded $99,000, showing momentum towards reaching the $100,000 target this week. As of the time of writing, it has slightly corrected to $97,863, with a near 24-hour increase narrowing to 3.43%. Bitcoin 15-minute K-line chart. Source: OKX BCA Research: Bitcoin still has room to double For the strong Bitcoin, the BCA Research team led by analyst Dhaval Joshi stated in a report earlier this month: "Although Bitcoin has risen due to election momentum, its 260-day fractal dimension indicator has not yet approached the market reversal level of 1.2. Therefore, while we should expect a short-term correction in Bitcoin, the structural upward trend of Bitcoin remains intact, with the ultimate target being above $200,000. However, according to the chart below, although it has not yet reached the reversal timing of 1.2, it is also close to 1.4, and BCA's expectations may be a bit overly optimistic. Swan Bitcoin analyst Sam Callahan analyzed that Bitcoin's price continues to be driven by a series of favorable factors, including improving market liquidity, increasing institutional adoption, a regulatory environment shifting from headwinds to tailwinds, and potentially expanding fiscal deficit policies during Trump's term. Ethereum is revitalized, and L2 is surging As Bitcoin approaches the $100,000 mark, the long-dormant Ethereum also showed a strong surge last night, rising 7.5% within three hours, reaching a high of $3,386 earlier. The Layer 2 sector was also inspired to rise, with OP rising over 20% in the past 24 hours, and Arbitrum also seeing about a 12% increase. Related reports: Buying Bitcoin is not as good as investing in MicroStrategy? Three reasons to tell you how MSTR tops Nasdaq in trading volume Bitcoin legend Adam Back comes to Taiwan to speak: Traditional finance and Bitcoin intersect at a critical point, RWA potential is limitless US think tank: Bitcoin strategic reserves 'cannot solve the US debt crisis' BTC is not that magical..." Bitcoin knocks on the door of $99,000! Analyst: There is still room to double in this round, Ethereum revives and drives Layer 2 explosion" This article was first published on BlockTempo (the most influential blockchain news media).