According to Cointelegraph: Bitcoin’s recent surge past $80,000 has sparked predictions of a six-figure price by the end of 2024, with veteran trader Peter Brandt suggesting a potential high of $125,000 by New Year’s Eve. Brandt bases this projection on Bayesian probability, which uses past data to estimate the likelihood of future outcomes, indicating that BTC may replicate historical bullish trends.
Bayesian Probability Signals Potential for Six-Figure BTC Price
Bayesian probability, a statistical method used to predict future events based on past data, supports Brandt’s hypothesis that BTC could follow a pattern seen in previous bull runs. Brandt notes that Bitcoin’s weekly close above $80,000 has established a bullish structure, shifting its outlook from short- to long-term. According to this approach, BTC could feasibly achieve $125,000 by the end of 2024, as Bitcoin’s price discovery phase appears to be gaining momentum.
Bullish Pennant Target Points to $158,000
Another trader, known as Titan of Crypto, suggests a possible target of $158,000, citing BTC’s recent "golden cross" on the weekly chart as a bullish continuation indicator. He sees $100,000 as a near-term milestone for the current bull phase, with potential for further gains.
CME Gap Opens Possibility for Near-Term Pullback
Despite the optimistic outlook, BTC’s recent rally has created a CME gap between $77,800 and $80,600. CME gaps, especially on the daily chart, often get filled as prices retrace to cover the gap. This suggests that Bitcoin could temporarily pull back to around $77,800 before resuming its ascent. Anonymous analyst Scient anticipates a possible halt around $84,000-$85,000, with a potential 7-10 day consolidation period before BTC continues its upward momentum.
Bitcoin on Track for New All-Time Highs Above $100,000
Analysts agree that Bitcoin’s trajectory remains strongly bullish, with multiple indicators pointing to six-figure targets. If Bitcoin maintains its current momentum, it could continue upward, potentially reaching a record-breaking price of $125,000 or even $158,000 as projected by various traders.
