Analyst: After Bitcoin Hits $50,000, Expect Another 100% to 200% Rally
February 09 2024 - 10:00AM
NEWSBTC
David Krueger, a crypto analyst on X, thinks Bitcoin
(BTC) will tear higher, surging by 100% to 200% within five months,
fueled primarily by fear of missing out (FOMO) once the coin breaks
above $50,000. Will Bitcoin Break Above $50,000 And Rally To
$100,000? Citing Tom Lee’s historical analysis, Krueger believes
FOMO typically kicks in when Bitcoin trades above a price level
“exceeding 97% of its historical days.” Lee is the co-founder and
researcher at Fundstrat. Zooming at the development in the monthly
chart, the analyst notes that this price point sits at $50,000, a
key psychological level that bulls have failed to overcome since
the bull run from mid-November 2023. Accordingly, if Lee’s
analysis and the analyst’s assertion come true, BTC prices will
likely float higher in the sessions ahead. However, what’s unclear
is when BTC will clear this $50,000 level, paving the way for
$100,000 and even $200,000 five months after the decisive
breakout. Related Reading: Solana TVL Nears $2 Billion – Will
SOL Cruise To $120 Before Valentine’s? When writing, BTC prices are
firm and rallying. The coin is trending above $46,500 and will
likely clear above January 2024 highs of around $48,700. Even so,
whether the current uptrend will cause excitement, possibly
creating FOMO, is yet to be seen. Looking at Google Trends data and
organic search related to Bitcoin, interest is fizzling out.
Data shows that the number of people searching for
Bitcoin in the United States has dropped and is at around early
2021 levels. Even so, around that time, Bitcoin prices began
trending higher, eventually rising to as high as $69,000. Halving
And Spot ETF Issuers Loading Up More Coins While FOMO appears
elusive at spot rates, another analyst offers a different
perspective. In response to Krueger’s outlook, the analyst notes
that sharp interest in Bitcoin historically arrives around six
months after halving, lasting up to 18 months. This event and
steady or increasing demand create a supply-demand imbalance that
may pump prices. Bitcoin will halve its miner rewards in early
April 2024. It is an event that may anchor bulls, setting the base
for more gains as projected by analysts. Related Reading: Shiba Inu
Burn Rate Spikes By Nearly 200% As Price Recovers The coin might
also edge higher considering the pace at which spot Bitcoin
exchange-traded fund (ETF) issuers have been buying BTC in the past
few weeks since the product was approved in mid-January 2024. With
Wall Street players like Fidelity, BlackRock, and other crypto
firms like Bitwise loading up more coins, BTC will likely be more
scarce than it has been after past halving events. Feature image
from iStock, chart from TradingView
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