The price of the OG cryptocurrency has pushed higher in recent weeks as a perfect storm looks set to hit Bitcoin and the broader crypto market in the near term. BTC broke out of its downtrend this week to reclaim the $65K level after the U.S. Federal Reserve’s mid-September rate cut and the world’s largest asset manager winning approval for a new game-changing Bitcoin product.
The BTC price is up 9.4% over the past 14 days despite September being a historically negative month for the benchmark crypto. Now, traders are betting on Bitcoin skyrocketing to the coveted $100,000 mark before the end of the year.
BTC Poised For Tremendous Upside
Bitcoin is likely heading toward a six-figure valuation by the end of 2024.
Well-known crypto analyst Michaël van de Poppe observed in a recent X post that the price of Bitcoin could appreciate by over 54% from its current levels to as high as $100,000. Van de Poppe believes the lowered interest rates in the US and the subsequent China stimulus plans are bullish catalysts for BTC and other cryptocurrencies. This cycle could further strengthen Bitcoin’s appeal as a hedge against the government’s relentless money-printing policies.
He also noted that Bitcoin’s traditional safe-haven rivals, gold and silver, have been on a roll recently, suggesting a major surge for BTC is on the horizon. Given historical precedent, Bitcoin should ultimately follow the precious metals higher.
“Gold continues to push higher, while silver has reached the highest price level in a decade. Global liquidity is significantly increasing and altcoins have barely started,” the crypto trader wrote. “Before the end of the year, we’re likely seeing Bitcoin trading between $90,000-$100,000.”
Bitcoin is currently looking to flip the resistance zone at $65,000. If $65K can be flipped into support, Bitcoin could be on the path to new lifetime peaks.
Weakening US Dollar Strengthens Bitcoin Bull Case
In the meantime, Bitcoin seems unperturbed by the escalation of Middle East hostilities while the US dollar’s decline gains speed.
The US dollar index (DXY) recently slumped to its lowest levels in over 12 months, nearly reaching the crucial 100 zone.
“A major breakout of the Dollar Index multi-year support is happening on the monthly timeframe,” investor and analyst Titan of Crypto remarked on X yesterday.
“This is highly significant. As you may know, the Dollar Index and risk assets like BTC are inversely correlated. Crypto is ready to fly soon!”