Analyst Suggests Potential for Bitcoin to Reach $100k This Weekend Despite Ongoing Resistance Near $99k

While Bitcoin (BTC) CME futures managed to rise above $100,000 this week, spot prices are still facing challenges against a persistent sell wall near $99,000. However, there is increasing optimism that a breakout to the upside may be imminent.

Bitcoin was last seen trading just below $97,000, marking a significant recovery from Tuesday’s drop below $91,000.

Markus Thielen, founder and CEO of 10x Research, expressed optimism that a breakout above $100,000 is likely to happen soon, as he shared with members of the crypto media earlier this week.

Last week, Bitcoin came within a few hundred dollars of reaching $100,000, and Thielen pointed out that the recent decline has contributed to “relieving its overbought technical condition.”

Thielen noted that a typical weakness towards the end of the month is common for BTC. He also cautioned that an unexpected decision by the US Federal Reserve to maintain interest rates in December could pose a short-term challenge.

Nevertheless, “despite these short-term challenges, we remain confident that Bitcoin will exceed the $100,000 mark within the next few weeks, maintaining a bullish outlook for 2025,” Thielen concluded.

How High Can Bitcoin Go as New Crypto Golden Age Beckons?

Since President-elect Trump’s victory in the November elections, Bitcoin has been experiencing a surge of optimism regarding the potential for accelerated global adoption in the coming years under a pro-crypto Trump administration.

Trump has pledged to create a national bitcoin stockpile and to never liquidate the US government’s BTC holdings.
Polymarket’s betting market is currently estimating a 29% chance that Trump will take further steps to establish a national Bitcoin reserve within his first 90 days.

JUST IN: Former CFTC Chair states that a US #Bitcoin Reserve “makes a lot of sense”.
“BTC is the world’s first digital commodity.” pic.twitter.com/RnJ2h0sV4I

— Bitcoin Magazine (@BitcoinMagazine) November 27, 2024

This would entail actively acquiring BTC. Senator Cynthia Lummis has recently introduced a bill suggesting that the US government should sell gold to finance the acquisition of 1 million BTC, while Trump ally and Health Secretary nominee RFK Junior has advocated for purchasing up to 4 million BTC.

In addition, a Republican-controlled Congress that supports crypto is anticipated to enact pro-Bitcoin/crypto legislation in the upcoming session.

US #Bitcoin Reserve of 4,000,000 $BTC
Unreal
pic.twitter.com/YIbbla1cLC

— Quinten | 048.eth (@QuintenFrancois) July 26, 2024

It is not surprising that at the onset of a new golden age for crypto in the USA (and worldwide), Bitcoin continues to test the $100,000 threshold.

If the US were to begin purchasing BTC, it could potentially initiate a global race to acquire the asset.

This could accelerate Bitcoin’s market capitalization towards that of gold, which is currently around $17 trillion. Given Bitcoin’s existing market cap of approximately $1.9 trillion, this scenario could imply potential gains of 10x.

However, achieving this would likely take several years and involve numerous significant drawdown events.

Bitcoin Investment Strategy to Consider

If Bitcoin is indeed on a trajectory to replace gold as the world’s most significant reserve asset in the coming decades, investors with a long-term perspective should consider starting to accumulate as much as possible as soon as they can.

One strategy worth considering is “dollar cost averaging” (DCAing). This involves investors designating a fixed amount of their monthly savings to Bitcoin on a weekly or monthly basis, regardless of its price.

They continue to purchase irrespective of market conditions and aim to hold indefinitely, but for a minimum of 8 years.

Over time, this approach should yield a favorable average price as they buy during both market highs and lows.

This is regarded as one of the most conservative investment strategies in the crypto space. More aggressive strategies include investing in alt-coins and meme coins, which tend to be more volatile than BTC.

While DCAing into BTC over the next 8 years is likely to yield strong returns, traders might achieve similar returns over a much shorter timeframe in the coming months if an alt-season truly takes off.

However, they should be aware that this approach carries a significantly higher risk of total loss.

One alt-coin sector that is expected to generate substantial gains is meme coins – indeed, these have led the crypto gains in 2024.

Established meme coins like Dogecoin (DOGE), Pepe (PEPE), and Brett (BRETT) could easily provide 10x returns.

However, newer, lesser-known meme coins with smaller market caps could offer even greater returns, potentially reaching as much as 100x.

One emerging meme coin that analysts at cryptonews.com are monitoring and believe has significant potential is Pepe Unchained (PEPU).

Pepe Unchained, set to launch in just 15 days, has raised over $60 million in its presale, marking one of the largest fundraising efforts this year for any crypto project.

Investors have been investing in this new meme coin because Pepe Unchained is much more than just a typical meme token.

Pepe Unchained is a layer-2 Ethereum scaling blockchain that has been actively developing a comprehensive meme-focused trading and DeFi ecosystem.

Pepe Unchained L2 Sneak Peek!
What we’re building is not just a new chain, but an entire ecosystem.
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Pepe Unchained is coming. And it’s going to shake up the crypto space. pic.twitter.com/ZVnvgO6MGF

— Pepe Unchained (@pepe_unchained) September 26, 2024

Analysts, including those from ClayBro, Crypto Wire, and 99Bitcoins, have praised the presale as having significant potential.

Currently valued at a modest $100 million based on the token’s presale price of $0.012955, $PEPU could easily achieve a 10x increase to become a million-dollar meme coin.

Learn More Here

The post Bitcoin Still Finds Unbreakable Resistance Around $99k, But This Analyst Says We Could See $100k This Weekend appeared first on Cryptonews.