Bitcoin (BTC) Price Prediction: Will BTC Hit $94K as Analysts Suggest?

Most cryptocurrencies are trading in the green in the past 24 hours, as Bitcoin price rose to $73,000 to push the global crypto market cap to $2.45 trillion.

Most cryptocurrencies showed gains on Oct. 29 as the total crypto market cap rose to $2.45 trillion, with Bitcoin price rising past $73,000.

Bitcoin (BTC) price rose to highs of $73,000 on Oct. 29 as the flagship digital asset continued its rally.

BTC price rose to highs of $73,001 on major exchanges. This showed a 5.7% surge in 24 hours and saw bulls push past the psychological $73,000 mark once again.

However, BTC trades just below $72,930 at the last check as crypto analysts suggest that the bull run may not be over yet.

In an Oct. 28 interview with CNBC, VanEck head of digital assets Matthew Sigel said the current market setup, including the Nov. 5 vote, is very bullish for Bitcoin.

Veteran trader Peter Brandt also added to the bullish projection, suggesting that BTC is headed to $94,000.

B I T C O I N $BTC

There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used

Target of 94,000 is measured move of triangle projected from breakout level on semi-log

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Some analysts expect a breakout past the all-time high will invite a period of consolidation as the realized profits attract bids. But the more bullish perspective is that the market is set to continue higher in the coming months.

This sentiment has helped push most altcoins higher. Ethereum (ETH) is above $2,650, BNB (BNB) is over $607 and Solana (SOL) trades at $181. Sui (SUI) is up 24% to hit $2.03, while meme coins have also pumped, led by Popcat (POPCAT).

But there are sectors that have outpaced the rest and could continue to dominate the market.

According to crypto analyst Miles Deutscher, memes with +219% year-to-date are the top-performing sector. However, also outpacing the rest of the market have been artificial intelligence, real-world assets, the Bitcoin ecosystem and the decentralized physical infrastructure network.

Per the analyst, AI tokens are up 217% YTD as are BRC-20 tokens, while RWA (+134%) and DePIN (+73%) have topped amid the 2024 bull cycle.

But not all sectors are enjoying an uptick year-to-date. While coins in social finance, zero-knowledge and the metaverse have nudged higher in recent weeks, SocialFi is down 57%, ZK -36% and metaverse -30% to rank among the worst-performing sectors. Governance tokens and layer-2 tokens are also in this category, with -25% and -16% YTD returns, respectively.