Is Bitcoin Price Heading for a New High? Recent on-chain data and market reports are reinforcing expectations that Bitcoin could surpass $100,000 by the end of 2024. Some analysts are even suggesting that Bitcoin could hit $150,000. These striking predictions are increasing the interest of crypto investors and providing a clear picture of Bitcoin’s future.
Bitcoin Price Volatility Continues: Is $100,000 Near?$BTC
The probability of Bitcoin exceeding $100,000 by the end of 2024 increased from 34% last week to 45% this week. Another noteworthy piece of data is that the probability of Bitcoin exceeding $150,000 has reached 4%. These estimates are based primarily on information from on-chain analytics platforms and options market data.
The options market is dominated by call contracts. According to data provided by Derive, call contracts account for 41.3%, while put contracts account for 38.3%. This reflects confidence in Bitcoin’s upside potential, as well as the need to hedge against downside risks.
The probability of the Bitcoin price moving in a range between $81,493 and $115,579 by the end of 2024 is predicted as 68%. However, the probability of the price falling below $70,000 is quite low, only around 5%.
Bitcoin is trading at $93,640 at the time of writing, and has declined by 7.02% over the past week, reaching $99,541. Despite the market generally being bullish, experts are warning investors that Bitcoin prices could see significant corrections. CryptoQuant CEO Ki Young Ju reminded investors that corrections of up to 30% have occurred in previous bull markets, and emphasized that investors should be prepared for such fluctuations.
Analysts like PlanC say that Bitcoin consolidating around $90,000 is critical for the bull market to continue in a healthy way. Consolidation at this level can create confidence for investors and pave the way for a more sustainable uptrend.
While a major rally in Bitcoin price is expected, it should be noted that investors need to manage their risks well. Avoiding panic selling during price fluctuations will be extremely important for those looking to make long-term gains.