Bitcoin Surges Above $102,000, Sparking Excitement in the Cryptocurrency Market
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Bitcoin (BTC) Breaks Through $102,000 Entering a New Upward Trend
Bitcoin recently broke through $102,000, marking its entry into a new upward trend. According to market data, BTC's current price is close to $101,267, just 6% lower than the historical high of $108,135 set on December 17. This is one of the strongest rallies for Bitcoin in 2024, driving the overall recovery of the crypto market. Below are the main reasons behind Bitcoin's price breakthrough and an analysis of market trends.
The Price Discovery Process of Bitcoin
Impact of the 2024 Halving Event:
Market analysts generally believe that the rise in Bitcoin is closely related to the upcoming halving event. This historic event is expected to reduce the Bitcoin reward for each block, further limiting the supply of Bitcoin. Typically, halving events lead to a new upward cycle in Bitcoin's price.
The Price Discovery of Bitcoin Has Just Begun:
Notable cryptocurrency analyst Daan Crypto Trades emphasizes that the price discovery process of Bitcoin has just begun. He believes 2024 will be the strongest year in the historical cycle, expecting Bitcoin to continue rising and gradually approaching new highs.
Prospects for a Long-term Bull Market:
CryptoQuant founder Ki Young Ju is optimistic about Bitcoin's future performance. He believes this round of Bitcoin bull market could be the longest cycle to date. Emerging sources of liquidity are steadily supporting the market, and more capital is entering the market. As market sentiment continues to improve, Bitcoin's upward potential is gradually becoming apparent.
Market Expectations for Bitcoin
Cautious Optimism:
Although most analysts are optimistic about Bitcoin's prospects, some experts remain cautious. ITC founder Benjamin Cowen believes Bitcoin could reach $120,000 before January 20, but he warns that the bull market may peak in the first half of 2024 and subsequently face a correction.
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