Bitcoin continues to set historical new highs, just one 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.
Bitcoin has repeatedly broken new highs this week, officially surpassing $98,000 at 7:00 PM last night. This morning (22nd) around 3:15 AM, the spot price peaked at $98,960, and perpetual contracts even exceeded $99,000, showing a momentum to reach the $100,000 target this week.
At the time of writing, there is a slight correction, currently reported at $97,863, with a 24-hour increase narrowing to 3.43%.
Bitcoin 15-minute K-line chart. Source: OKX
BCA Research: Bitcoin still has room to double
Regarding the strong Bitcoin, a report from the BCA Research team led by analyst Dhaval Joshi stated earlier this month: 'Although Bitcoin rose due to election momentum, its 260-day fractal dimension indicator has not yet approached the 1.2 level for market reversal.
Therefore, while we should expect Bitcoin to experience short-term corrections, the structural upward trend of Bitcoin remains intact, with the ultimate target being above $200,000.
However, according to the chart below, although the current reversal opportunity has not reached 1.2, it is close to 1.4, suggesting that BCA's expectations may be a bit too optimistic.
Swan Bitcoin analyst Sam Callahan analyzed that Bitcoin's price is continuously driven by a series of favorable factors, including improved market liquidity, increased institutional adoption, a regulatory environment shifting from headwinds to tailwinds, and potential expansion of fiscal deficit policies during Trump's term.
Ethereum rebounds, L2 rises together
As Bitcoin is about to hit $100,000, the long-silent Ethereum also surged strongly last night, rising 7.5% within three hours, peaking at $3,386 earlier.
The Layer 2 sector also rose in response, with OP rising over 20% and Arbitrum seeing about a 12% increase in the past 24 hours.
