The Bitcoin (BTC) price held just below $100,000 at the week’s end, falling 7% to roughly $91,000 on Thursday. This milestone has inspired speculation about Bitcoin’s short, medium, and long-term behavior in the face of increased market volatility.
According to market expert VirtualBacon, while the $100,000 level is noteworthy, it does not represent the pinnacle of Bitcoin’s potential. He refers to the current phase as the “thrill stage,” in which retail investors are motivated by fear of missing out (FOMO) and media hype.
Although Bitcoin’s march to $100,000 may not indicate an early entry point, VirtualBacon predicts it will eventually hit $200,000, citing past price cycles.
However, the expert cautions that investors should be prepared for 20% to 30% corrections, but he remains confident about Bitcoin’s long-term potential.
Regarding the present bull run’s longevity, VirtualBacon alludes to previous cycles that show major price increases often last 6 to 10 months. He observes that previous bull runs often peaked 6 to 10 months after important milestones, such as Bitcoin’s halving events.
VirtualBacon also drew comparisons between Bitcoin’s latest breakthrough of the $100,000 milestone and its initial breach of the $10,000 level in 2017, which resulted in a quick doubling of the price within 20 days.
If history repeats itself, the analyst believes that the Bitcoin price might skyrocket to $200,000. However, if the price consolidates around $100,000, it could signal a sustained bull run, which would be beneficial to altcoins.
While the euphoria surrounding Bitcoin’s surge above $100,000 is apparent, VirtualBacon emphasizes that the real potential are in altcoins. He believes that when Bitcoin consolidates, altcoins will certainly take center stage. Ethereum (ETH), in particular, is outperforming Bitcoin, predicting an upcoming altcoin season.
During past cycles, Ethereum outperformed Bitcoin by a factor of 2.5. If Bitcoin reaches $200,000, VirtualBacon predicts that Ethereum may grow to $15,000, indicating a fourfold increase.
Interestingly, VirtualBacon considers Ethereum a “no-brainer investment” at this time, citing its “significant undervaluation” and ability to generate at least a 3x return, with realistic price targets ranging from $10,000 to $12,000.
Finally, VirtualBacon advised monitoring Bitcoin’s performance in relation to its 200-day exponential moving average. He expects the bull market to continue until late 2025, creating several possibilities for wise investments.
At the time of writing, the largest cryptocurrency on the market, BTC, was trading at $99,670, up 3.2% on the week. Over longer time frames, Bitcoin still shows significant gains of over 31% and 129% on a monthly and year-to-date basis, respectively.
Featured image from DALL-E, chart from TradingView.com
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