2024 has been a standout year for Bitcoin, seeing the asset reach new all-time highs earlier this year. Over the past seven days, BTC surged by 3.11% and reached nearly $65,000 following a bearish August. Since its weekend climb though, the asset has fallen back down to $61,587.81, a 4% drop in 24 hours. Despite this tumble though, there is still strong optimism of a positive Bitcoin performance come September.
Since Bitcoin reached its all-time high of over $73,000 in March, bulls have believed that the next possible target is $100,000. Several analysts have been suggesting that BTC could move beyond the $70,000 mark again very soon. Several believe that the world’s largest cryptocurrency will soon move towards $100,000, a new high.
Reclaiming the $65,000 resistance remains a crucial first target for Bitcoin in the path towards $100,000. This is certainly possible in the coming months thanks to the growing influence of cryptocurrency. Crypto has become a top point of discussion amongst economists and government officials, especially with a US election looming. Donald Trump and his campaign have been vocal in support of cryptocurrencies, much to the elation of bulls.
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Furthermore, the success of bitcoin ETFs has positively impacted the asset since their inception this year. Their launch was the catalyst for BTC reaching its all-time high in March 2024. With the arrival of competition in the form of Ethereum ETFs, inflows have remained steady for BTC ETFs, indicating continued interest in the asset.
Crypto trading expert Ali Martinez points out that if Bitcoin closes above the critical resistance level of $65,440, it could signal a bullish trend. Martinez says this may propel the coin to a new local top of around $86,910, creating a clear patch to $100,000. This projection is based on the Cumulative Value Days Destroyed (CVDD) alongside various other technical indicators.
Lastly, data from Changelly indicates Bitcoin is slated to record a new all-time high on September 1, 2024. The coin will surge to a high of $75,264 according to Changelly. Upon reaching this level at the start of the month, bulls could grab hold of Bitcoin and drive it up to the levels that Martinez predicts it could hit. Therefore, $100,000 isn’t too far out of the question for the asset entering the final months of 2024.
