As Bitcoin approaches historic highs, investors have once again turned their attention to the crypto giant. BTC is currently down just 1 percent from its year-early highs. Expectations are high that Bitcoin will continue its upward trend. So, what are the key drivers behind this rally? Speculation continues on the possibility of reaching new highs in the crypto market. Let’s take a closer look at the details that triggered this rally.
Is a New Bitcoin Rally Coming?
Morgan Creek Capital Management CEO Mark Yusko made statements on the subject. According to Yusko, Bitcoin will exceed the $100,000 barrier within the next month. The CEO shared this prediction in an interview on the Paul Barron Network. He also stated that Bitcoin creates a ‘ snowball effect ‘ by attracting more investors when it rises. He also described this situation as the ‘Thanksgiving Effect’. Yusko said that this wave of excitement, especially with the start of the holiday season, could push Bitcoin’s price up.
Yusko thinks that the real value of Bitcoin (BTC) is $80,000. However, he predicts that the market can exceed this value. The master name stated that according to historical data , Bitcoin tends to double from lower levels. He also stated that it is possible to see a jump towards $100,000. It is expected that there will be a significant increase in prices during the end of November and December due to the effect of Thanksgiving this year.
What Does Current Market Data Say?
Bitcoin is currently trading around $71,894. Yusko, who has made similar predictions in the past, said that Bitcoin will reach $150,000 by the end of the year. He also suggested that it could reach $400,000 in the long term. These ambitious analyses show that confidence in Bitcoin is increasing and investors are holding their positions.
According to market analysis firm 10x Research, Bitcoin is forecasting based on a price model that has been 86.7% accurate over the last 15 signals. The model states that when BTC reaches a new six-month high, it tends to make an average gain of 40%. If this trend continues, it is estimated that BTC could surpass the $101,000 level by the end of January 2025.
Bitcoin Investors Await New Highs
As we reported at Kriptokoin.com , this positive fluctuation created by BTC on the market offers attractive opportunities for investors with high risk appetite, as in previous rally periods. These positive predictions regarding Bitcoin’s upward trend have increased investor confidence in the market again. However, while some of this excitement is based on temporary factors such as the Thanksgiving effect, more stability and strong demand may be required for Bitcoin to truly surpass the $100,000 level permanently.
Analysts say that despite the high volatility, investors have a strong belief that BTC will provide returns in the long term. This belief keeps the expectations alive that Bitcoin could reach a new peak at any moment in the future movements of the market.
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