Bitcoin (BTC) continues to trade above the $100,000 level, offering a promising sight to investors with a 1.74% gain over the last 24 hours. But how long can we expect BTC to hold above this key price point?
Having crossed the $100K threshold multiple times since December last year, Bitcoin is no stranger to this territory. Currently priced at $100,724 (BTC/USD), the token presents an attractive entry point for investors. Considering Bitcoin's recent surge to $108K and the bullish trend it appears to be following, investors are eager to join while the coin still offers potential for profitable gains.
As the week progresses, we anticipate increased trading activity in this token, which is likely to drive the price significantly higher than its current level. This should prevent BTC from falling below $100,000 for the time being. However, it's worth noting that there is more resistance at this current level compared to December.
Other cryptocurrencies are stealing the thunder from Bitcoin, making space for themselves in the market as BTC falters.
Both Pepe (PEPE) and Lightchain AI (LCAI) are performing exceptionally well, reaching new heights and attracting the attention of several analysts. For Bitcoin to regain the spotlight in a substantial way, it will probably need to climb very close to its all-time high.
What to Expect from Bitcoin
In light of Bitcoin's current resistance levels, its price prediction needs to be adjusted. A few days ago, the expectation was that the coin could reach $200,000 or $250,000 before the year ends. While we still expect Bitcoin to trend much higher by year’s end, thanks in part to a new legal framework for crypto to be set up by the new presidential administration, we don’t think it will hit $250K.
The reason is that there is so much resistance for Bitcoin at the moment that it feels impossible for the coin to hit those sky-high marks in 12 months. Bitcoin is more likely to settle somewhere just below $200K by December of the year.
That would be incredibly good for the coin and would show tremendous progress toward a bright future, but some of the recent analyst price predictions may be overly hopeful. That tends to happen when analysts are trying to draw in viewers and get clicks, but a realistic expectation for a sub-$200K level for Bitcoin seems about right with what we are seeing at the moment.
