If you’re a follower of the explosive crypto market, you surely know that Bitcoin has been enjoying a renaissance for the past month or so. The price has skyrocketed out of the blue, giving investors a much-needed boost. Currently hovering around the $60,000 mark, Bitcoin has reached heights of $65,000 last week and has been able to hold its ground over $60,000.
Bulls are now expecting a push and return to the $65K level which can be broken in a day. We’re currently in the midst of a bullish market with great potential that could bump Bitcoin’s price up to the mythical $100,000. While that may be too optimistic, the largest cryptocurrency by market volume is well on its way to at least $75,000, a price which many predicted will hit before New Year.
In addition to these claims, experts believe that we’re currently in this year’s 2nd leg of a bull market that could take the price to new heights.
Falling Short of a Third Resistance Level
Bitcoin opened this week by breaking through the second resistance level at $62,562. It comes after breaking through the first, and many believe it’s now primed to break through the third major resistance level. It sits at $64,505, although the latest slippage below $63K might put that off. At the moment, the price is just over $60,000, but that small dip is a great way for some investors to jump back in the market which will surely pump the price up.
What’s even more appealing is the fact that one of the top Bitcoin price model creators, PlanB, says that the market is currently in the 2nd leg of a major bulls run. The pseudonymous analyst predicts that the price can reach $100,000 by the end of the year and even break through it heading to $135,000. PlanB also believes that it will keep growing until just under $300,000 in the following years, which will completely change the crypto market and will have implications in the finance sector too.
The Halvings Work
While many don’t believe that Bitcoin halvings do anything, the latest one in May 2020 showed that they surely work. The first halving in 2012 caused a price jump of over 10,000%. The second in 2016 took Bitcoin up by 2,960%. While there were doubts about the third one last year, the latest Bitcoin price jumps put the leading cryptocurrency up 667.50% since the halving in May 2020.
PlanB’s predictions about Bitcoin’s price are pretty optimistic, but they may hold merit. So far, the analyst has been on-point on Bitcoin’s price trajectory and a few crashes too. The analyst also hopes that there’s no big crash this year after all-time price heights that could have a diminishing effect.
The world is currently in a state of “hyperbitcoinization” with many countries openly accepting cryptos now. It has caused a major division between Bitcoin supporters and adversaries, but as the price jumps up, many will rethink their stance.