According to Cointelegraph, the recent rise of Bitcoin above $87,000 has sparked forecasts of a possible six-figure price by the end of 2024. Experienced trader Peter Brandt suggests that by New Year, BTC may reach the $125,000 mark. His forecast is based on Bayesian probability, a statistical analysis method that uses data on past trends to estimate future events. This approach suggests that BTC may repeat patterns from previous bullish cycles.
Bayesian probability indicates a potential rise for BTC to $125,000.
The Bayesian probability method supports Brandt's hypothesis that Bitcoin could follow a similar growth trajectory as in previous bullish phases. Brandt noted that a weekly close above $87,000 would form a bullish structure on the chart, which could lead to further growth in the long term.
Bull flag target: $158,000
Another trader known as Titan of Crypto has also set a target of $158,000 for BTC. He bases his forecast on the "golden cross" signal on the weekly chart, which often indicates the continuation of a bullish trend. In the near term, he considers it possible for BTC to reach the $100,000 mark, with potential for further growth.
CME gap and potential correction
Despite the optimistic forecast, the recent rise created a so-called CME gap between $77,800 and $80,600, which often gets filled during price pullbacks. This could mean that Bitcoin may temporarily return to around $77,800 before continuing its upward movement. An analyst with the pseudonym Scient expects a pause around $84,000-$85,000 with possible consolidation over 7-10 days.
Bitcoin on its way to new records above $100,000.
Analysts agree that the current trend for Bitcoin remains bullish, and many indicators confirm targets at the six-figure level. If Bitcoin maintains its current momentum, it could continue to rise, reaching new all-time highs, with forecasts of $125,000 or even $158,000.