Bitcoin (BTC) Price Prediction: Will It Hit $100K This Year?

The bullish narrative of Bitcoin remains amidst the critical rise and fall of its prices. So far, optimistic analysts still believe that the digital asset could potentially peak at $100K this year.

Bitcoin’s bullish narrative continues despite the critical rise and fall of its prices. However, optimistic analysts still believe that the digital asset could potentially peak at $100K this year.

At the time of writing, Bitcoin trades at around $55K, which shows a 3% decline in its price over the past 24 hours. This brings the market cap of its 19.72 million circulating supply to $1.01 trillion. Meanwhile, its trading volume increased by 27% within the same timeframe as $26.1 billion moved between addresses.

Bitcoin is approximately 25% less than its all-time high of $73,750.07, which it achieved on March 14 this year. At this rate, it must gain roughly 81.82% in its value to touch the hundred-thousand-dollar line. It’s definitely not an easy feat considering that it’s now struggling to maintain the $60K territory.

In fact, experts suggest it could even decline below $50K.

10X Research Warns Of Bitcoin’s Fall Below $50K

Markus Thielen, founder of 10X Research, stated that Bitcoin’s current price actions have been observed on the charts since early June. The expert explained that the crypto asset was already at the overbought territory during that period, which indicates a high probability of a market correction.

“Correction” in finance is a state where a stock or asset loses more than 10% of its value from a recent high. Despite the bearish implication of this scenario, it should be noted that it does not precisely point to the start of a bear market.

According to Charles Schwab, out of the 24 stock market corrections from 1974 to 2020, only five led to a bear market. But then again, cryptocurrencies are more volatile than stocks. So, they tend to go on wild swings, which could easily be interpreted as a correction.

For the analysts of 10X Research, though, now is not the time to be complacent. Investors should set up their risk management strategy because Bitcoin could dive deeper below the $50K threshold after losing its key psychological support at $60K.

“Buy flows have long dried up while sell flows are accelerating,” the analytics firm warned. They claimed that market structure analysis, sentiments, and trading signals have reinforced their bearish outlook since June. The appearance of a double top formation on the price trends last month further underscored the need for investors to be more vigilant in the near future.

Bitcoin May Have Already Topped

Ali Martinez, a popular crypto trader on X, echoed the same perception as 10X Research. The crypto Twitter specialist cautioned his followers that the approval of Bitcoin exchange-traded funds (ETFs), meme coin mania, and celebrities launching their own altcoins may indicate that the market has already reached its saturation phase.

In this cycle, we’ve witnessed the approval of #Bitcoin ETFs, #memecoin mania, and celebrities launching their own #altcoins!

But what if that was it?

What if we’ve already hit euphoria and are now feeling complacent, thinking, "we just need to cool off for the next rally"? pic.twitter.com/aTCuppjTPF

Martinez has always been an optimist despite the recent crypto price swings. One commenter even noticed his sudden change of tone on the market, to which Martinez replied, “Gotta be aware of all probabilities.”

The crypto personality wasn’t the only crypto cheerleader who pivoted from his views. Former PayPal CEO Peter Thiel shared the same assessment in an interview when he surprisingly said, “I am not sure that is going to go up that dramatically from here.”

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