Bitcoin (BTC) appears poised to end 2024 on a high note, with historical patterns suggesting the maiden digital asset is destined for a record high in December.
According to crypto trading expert Ali Martinez, there are striking parallels between Bitcoin’s current price action and its December 2020 rally, hinting that the asset could reach $135,000 by December 2024, as per analysis shared in an X post on November 20.
Martinez’s prediction highlighted identical price structures and Relative Strength Index (RSI) levels between December 2020 and November 2024, suggesting a continuation of the bullish trend.
In both cases, Bitcoin has formed a sequence of higher highs and higher lows, supported by an upward RSI trajectory.
Martinez anticipates a rally to $108,000 in the near term, followed by a brief correction to $99,000 before Bitcoin climbs to $135,000. This outlook aligns with Martinez’s previous prediction that Bitcoin will likely climb to $138,000 before experiencing a pullback.
Bitcoin’s path to $100,000
This projection has gained credibility as the likelihood of Bitcoin hitting $100,000 has increased after the asset breached its $94,000 all-time high.
CrypNuevo’s analysis also suggested Bitcoin could approach $96,000 but cautioned against expecting a clean breakthrough of the psychological $100,000 mark on the first attempt.
The analyst predicted a reversal in the mid-to-high $90,000 range, presenting an opportunity for a healthy pullback. The focus will then shift to identifying the next optimal buying zones during this retracement before the asset pushes toward the $100,000 milestone.
“Not expecting to break $100k in the first attempt so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” the expert said.
Bitcoin’s bullish momentum is backed by the positive outlook following Donald Trump’s election. The ongoing buying pressure has propelled the asset to become the world’s seventh-largest asset, with a market capitalization of approximately $1.8 trillion.
However, the push toward $100,000 might face challenges. CryptoQuant data indicates that Bitcoin’s Realized Cap is no longer increasing, suggesting insufficient new money inflows and potential signs of weakness.
Amid these concerns, other on-chain metrics point to further growth potential toward the $100,000 level.
Specifically, Bitcoin’s Market Value to Realized Value (MVRV) currently stands at 2.6, indicating notable unrealized profits. Historically, an MVRV of 4 signals a potential market peak.
Bitcoin price analysis
At press time, Bitcoin was trading at $93,821, up nearly 1% in the last 24 hours. On the weekly chart, Bitcoin’s consolidation above the $90,000 level is evident, with the asset gaining about 1.6%.
Considering all factors, Bitcoin is showing potential for a bullish continuation. However, the asset needs to decisively claim the $95,000 resistance zone to pave the way toward the $100,000 target; even as optimism remains high, a $200,000 milestone will be attainable.
Featured image via Shutterstock
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