Bitcoin Price Prediction, As Bloomberg Analyst Says BTC Could Hit $100,000 If History Is Right – Time To Buy?

As the crypto market continues to evolve, many are looking for reliable bitcoin price predictions to guide their investing decisions. A recent statement from a Bloomberg analyst suggests that BTC could hit $100,000 if historical trends prove true.

This begs the question – is now the right time to buy Bitcoin and take advantage of this potential price hike?

Bitcoin nears record for most consecutive monthly increases since 2021

Bitcoin is on course for its fourth straight monthly rise, its longest rise since March 2021. During the US session, the cryptocurrency traded at around $27,900, with other digital assets including Ether, Binance Coin and Cardano also surging.

Historically, four-month winning streaks have resulted in an average 260% surge in Bitcoin’s value the following year, according to Bloomberg data. If this trend continues, the largest digital asset could hit a record $105,000.

Bitcoin’s 80% rebound in 2023 was influenced by factors such as the Federal Reserve’s potential switch to looser monetary policy, concerns about the stability of the fiat currency, and the upcoming halving.

Recently, Standard Chartered Bank, BCA Research, and Bloomberg Intelligence have all highlighted the possibility of Bitcoin reaching at least $100,000.

Bitcoin Resumes Upside As Crypto Winter Is Finally Over

The crypto winter is finally over and according to a research report by Standard Chartered Bank, Bitcoin (BTC), the world’s largest cryptocurrency, could potentially hit $100,000 by the end of the year.

Factors contributing to this growth may include the recent crisis in the banking sector, which has boosted Bitcoin’s role as a decentralized, scarce digital asset.

The report released on Monday highlights Bitcoin’s reputation as a safe haven, perceived store of value and means of remittance, as noted by analyst Geoff Kendrick. Since the beginning of the year, Bitcoin has seen a 65% surge.

bitcoin price

The current live bitcoin price is $27,969.10 with a trading volume of $18.4 billion in the last 24 hours. In the last 24 hours, Bitcoin has seen a 5% decline. CoinMarketCap ranks it #1 with a live market cap of $541 billion.

Bitcoin prices saw a significant drop from $29,600 to $27,640. On the four-hour chart, Bitcoin has fallen below the 50-day exponential moving average, which previously served as a support zone near the 28,800 level.

Bitcoin price chart – Source: Tradingview

The candlestick patterns are suggesting prevailing bearish sentiment in the market, while the RSI and MACD indicators are pointing to a possible downtrend for the Bitcoin price today.

On the downside, bitcoin might find immediate support near the 27,600 level, denoted by a trend line visible on the 4-hour chart. If the price falls below that crucial 27,600 level, BTC could head for the next support level at 27,200.

Buy BTC now

Top 15 Cryptocurrencies to Watch in 2023

In addition to Bitcoin, the market offers a variety of promising cryptocurrencies, including emerging altcoins and presale tokens with the potential for significant returns.

Consequently, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each showing strong potential for both short and long-term growth.

Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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Cryptocurrency Price Tracker – Source: Cryptonews

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