BitcoinBTCAfter its weekly chart reached $80,000, the price of ) entered a phase of strong price discovery for the first since December 2020. BTC’s bullish structure is now a longer-term view, as opposed to the short-term one it was in before. Many analysts predict that six-figure targets for BTC will soon be achieved.
Bitcoin might reach $125,000 before New Year’s Eve
Peter Brandt is a well-known market analyst. highlighted Bitcoin is known to recur in its price trend when it decides that the bulls are back. “mark up.” Based on Bayesian probabilities, the trader suggested a price of $125,000 based BTC’s recent move over previous ATH levels.
Bayesian Probability, also known as Bayes’ theorem or conditional probabilities, is a method of determining the probability that a certain future event will occur based on data from the past. It helps traders to manage uncertain price ranges, by setting target prices based on the past behavior of an asset.
Peter Brandt provides a Bitcoin 1 day chart analysis. Source: X.com
Brandt stated that BTC’s rise in Q1 of 2024 could be imitated by Q4 of 2024, leading to an $125,000 peak before New Years Eve 2024.
Titan of Crypto, an advocate for Bitcoin and a trader in the cryptocurrency, indicated that BTC‘s bullish pennant target is $158,000. BTC’s completion of the weekly chart golden crosses was cited by the trader as an important factor in the bullish trend. He set $100,000 as his first bull phase target.
Related: Bitcoin price hits $80K for the first time — New ‘inflation-adjusted’ all-time high
Bitcoin CME Gap between $77.800 and $80.600
On Nov. 11, a CME Gap between $77.800 and $80.600 appeared on the daily chart. Bitcoin’s price had risen by 5+% in the past weekend. CME has not had a gap on the 1 day chart for the past 8 years. CME Gaps on the Daily Chart are very likely to get filled.
Bitcoin CME 1-day chart. TradingView
If the market conditions were to change in the future, Bitcoin might drop as low as $77,800. Scient, a anonymous market analyst also indicated BTC is close to the top of local markets. Scient continued,
“Anticipating the price to halt around $84-85k followed by a correction/consolidation for 7-10 days before we resume up again.”
It’s important to remember BTC’s prior market behaviour in regards to the CME-gap. In 2023, under the same conditions, there was a similar CME gap, which opened after BTC had breached an ongoing resistance before showing a high for Q4.
BTC CME Futures Analysis from 2023. TradingView
In the chart you can see that the CME’s gap formed when the outlook was higher. It wasn’t filled till January 2025.
Bitcoin could continue its upward trend, and reach a new high of $100,000 if it follows this path.
Related: $80K BTC price chases gold — 5 Things to know in Bitcoin this week
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Source: cointelegraph.com
