There is a possibility that Bitcoin (BTC) could reach $110,000 in the short term, but not all analyses and predictions support this view. Here are some key points:
1. Current price and technical analysis:
- According to CoinLore data, the latest price of Bitcoin is $95,936, and the short-term forecast sentiment based on technical analysis is bearish. The first major resistance level is at $99,449, and if it can break this level, the next resistance is at $103,491.
2. Market sentiment and predictions:
- Reports suggest that the price of Bitcoin has dropped to near $90,000, but then rebounded to near $100,000. Increased expectations for a rate cut by the Federal Reserve may drive Bitcoin's price up.
3. Historical performance:
- Bitcoin's price in 2024 rises from $42,208 at the beginning of the year to $97,851 at the end of the year, an increase of 131.83%, and breaks the historical record of $106,074 on December 17.
4. Prediction range:
- There are predictions that the price of Bitcoin could reach $125,000 to $150,000, these predictions come from JPMorgan, Pantera Capital, and Standard Chartered Bank.
5. Short-term predictions:
- Some cryptocurrency traders predict that with the arrival of the cycle low, the 'next round' could push Bitcoin's price up to $110,000.
6. Other predictions:
- Walletinvestor.com predicts Bitcoin's target price within 14 days to be $104,277 (maximum) and $94,839.63 (minimum).
In summary, there is a possibility for Bitcoin to reach $110,000 in the short term, but market sentiment, technical analysis, and historical performance all indicate that this is a challenging goal. Market participants should closely monitor market dynamics and macroeconomic factors that may affect Bitcoin's price.