With seven weeks to go, this year can’t go bad for Bitcoin (BTC). And it’s all thanks to a great start and now a great end to the year. The digital currency has doubled its value in just over 11 months, and the price chart seems to suggest that the stretch is not over yet. The magic $100,000 threshold is already within reach, and could be reached this year.
BTC price has already more than doubled this year
Many Bitcoiners already had a bottle of chilled champagne in the previous bull market in 2020 ready for when Bitcoin reached a price of $100,000. However, as we all know, Bitcoin did not go above $69,000 at that time, but now the bottle could finally be uncorked.
In fact, this morning the price of Bitcoin has reached a new record just of $93,000. That means that Bitcoin only needed a small push to reach the $100,000 mark at that time. Namely, just over 7%.
In terms of Bitcoin, that's just a small step. In fact, in the last week alone, the digital currency has seen an overall rise of more than 30%. With this, analysts are clapping their hands in claiming that the bull market that has been expected for years has finally begun.
And that was preceded by more than eight months of consolidation. But in the past, bitcoin also went through a long sideways period each time after its halving event before the explosive bull market took off.
In February and March of this year, the price of Bitcoin was also on the rise. In March, it even reached a new record price for the first time in history before reaching its halving point, at $73,800.
Currently priced at around $87,000, Bitcoin is up over 105% since January 1. In fact, the year started at a price just above $42,000. If you had invested $1,000 at the beginning of the year? Then that would have been worth $2,050 now.
Bitcoin to $100,000 this year?
The huge price explosion at the beginning of the year was entirely due to the launch of Bitcoin spot exchange-traded funds (ETFs). These entered the US stock markets in January and immediately shook Wall Street. Record after record was broken in the ETF market, and the price of Bitcoin rose by more than 80% in about six weeks.
Last week’s huge rally is largely due to Donald Trump. Last Wednesday, the Republican won the US presidential election, and given his progressive plans with the crypto industry, this has given prices a huge boost.
Bitcoin is largely following the same path in its current cycle as it has in the past. If this trend continues, we can cheer for a Bitcoin price of $100,000 before the year is out. But, as always, history guarantees nothing.
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