Bitcoin is on the rise, inching closer to its all-time highs and currently sitting just under 1% below the peaks reached earlier in 2024. This surge raises the intriguing question of how much further the price could climb and who is behind the significant demand for Bitcoin. As investors look for momentum, the market is buzzing with speculation about potential new highs and what’s fueling this rally.
Let’s dig deep and arrive at the answers. Read on.
Bitcoin Rally in Horizon
Mark Yusko, the CEO and CIO of Morgan Creek Capital Management, believes there’s a strong possibility that Bitcoin’s price could surge to $100,000 within the next month. In a recent interview on the Paul Barron Network, Yusko explained that as Bitcoin gains momentum, it attracts more investors who chase the rising price, creating a snowball effect. He referred to this phenomenon as the “Thanksgiving effect,” suggesting that the upcoming holiday season will fuel enthusiasm and drive prices higher.
Yusko estimates that Bitcoin’s “fair value” lies in the $80,000 range, and he expects it to surpass that level significantly. He noted that historically, Bitcoin tends to double in price from its lower thresholds, so a jump from the current levels of around $50,000 to well over $100,000 is not out of reach. He emphasized that the buzz and positive sentiment during Thanksgiving could catalyze a parabolic price movement between Thanksgiving and December.
Current Crypto Market Sentiments
Currently, Bitcoin has seen notable fluctuations, recently reaching a multi-month high of $73,562, although it has since settled around $71,894. Yusko has a history of optimistic predictions for Bitcoin, previously suggesting it could reach $150,000 by the end of this year and even $400,000 in the long term. His insights reflect a broader confidence in Bitcoin’s ability to climb, especially as more investors become involved in the market.
According to 10x Research, their prediction model has demonstrated an impressive 86.7% accuracy rate over the last 15 signals, with the latest buy signal issued on October 14. Historically, when Bitcoin hits a new six-month high, it tends to deliver a median return of 40% in the following three months. If this trend continues, Bitcoin could potentially exceed $101,000 by January 27, 2025.
We are excited to witness this millennial event, are you?
