Will Bitcoin Hit 100.000 To Fulfill “Mainstream Prophecy”? The 100.000 level is a significant milestone in Bitcoin’s price history. Often this level is considered a psychological barrier and a potential indicator of Bitcoin’s mainstream adoption.
Today, we’re immersing ourselves in the world of Bitcoin, a resilient asset that continues to navigate and overcome significant challenges post-halving.
Bitcoin Fundamental analysis
Key points
- Bitcoin began its halving on 19th April 2024
- Since halving Bitcoin, there are concerns about how the miners could absorb the increasing need for power
- Bitcoin price has been flat since the date of halving, despite promising future riches – the most waited 100.000 level!
Technological issues
Mining Bitcoin (BTC)
The halving of Bitcoin has led to an expected reduction in the cryptocurrency’s supply. Therefore, the rewards for miners have decreased from 6.25 to 3.125 Bitcoin for mining a block.
These issues in Bitcoin mining are pressing, as many individuals are still navigating the increasingly complex landscape.
They need more potent ASIC mining machines and specialized hardware for mining cryptocurrencies. Previously, you could have used regular CPUs and GPUs, even from a laptop.
GPUs, or graphic power units, are specialized hardware designed for rendering graphics quickly. The CPUs, or computer power units, are the general-purpose processors found in most computers.
These became obsolete and can now be used only in cryptocurrencies, which don’t require as much power as Bitcoin and Ethereum.
Initially, you could mine an entire block in a relatively short time.
Still, nowadays, it is so much more complicated not only because of the increasing power of calculus you would need but also because of the time and frustration of waiting to close that process.
The process of mining is susceptible to price decreases.
In 2016 when many miners gave up and flooded the market with second-hand mining machines.
Competitors of Bitcoin
While Bitcoin excels in certain things, such as being the first and having vast numbers of miners to sustain the network, it could have been more scalable; in this sense, it can provide only seven transactions in a second.
Bitcoin’s competitors have scalability. Avalanche outsows both Bitcoin and Ethereum in this regard. Also, Bitcoin’s code can have limited programmability compared to, let’s say, its second rival, Ethereum. For example, you can write your crypto design on an Ethereum code frame.
The early and fast adoption of energy consumption has created a nightmare for technological advances and energy supply.
Tezos, for example, is way more efficient in this regard. It is especially valid now when many companies, technological and not, are running through artificial intelligence (AI) integration. That demand also creates problems with energy consumption and the crypto industry.
If the green revolution occurred, it would be a nightmare to have specified time-span integration as planned.
Anonymity is not Bitcoin’s best spearhead. Not even close. Monero is best in this aspect.
Despite its challenges, Bitcoin remains a reliable investment due to its robust security measures and decentralized nature.
Bitcoin Technical Analysis
Key points
- Since halving on 19 April 2024, the price has fluctuated widely
- Bitcoin has gone lower, making both lower highs and lower lows and increasing anxiety among technical traders
- Every time the price has stabilized near the average of the slightly downside channel started in March 2024
Governments and their policies
As mentioned earlier, Bitcoin prices have oscillated for some time. There are rumors that the FED, through its policies, will send Bitcoin to $150,000. This speculation relies on the potential impact of the Federal Reserve lowering interest rates on the US dollar.
Also, recently, Germany sold all its seized cryptocurrency (mainly Bitcoin) from illegal activities, which increased the supply of Bitcoin from the market, sending the price to its annual low of 53.485,93 USDT (Binance exchange rate).
Also, former US President Donald J. Trump announced that the US should hold a reserve and commit to this idea if he were elected again.
This promise is controversial because it came after political moves in the USA.
People wonder if it is only a way to catch after the democrat Kamala Harris seemingly turned the attention of some good chunk of Gen Z look with her “Brat” videos from her adversary.
Bitcoin technical analysis
At first glance, Bitcoin has completed a FLAT structure starting from 14 March 2024, where the A-wave began and ended with the C at 53.485,93. There are similarities between its waves: the A and B waves, in teal. Also, the internal structure of B, the sub-wave B in red, has the proper complexity of a B-wave, and there are also similarities between a and c in red.
100.000 target still holds?
Now, the structure a-b-c—in teal can reach 100.000 without going once again into range, like it did in the past. Of course, it can still climb relentlessly without significant push back. It depends on what it does from now on. It has to develop a minor degree corrective structure against this last move upside from 53485,93.
This upside that rose from the July low seems impulsive, but the price must correct itself for at least a day or two, and it should stop around the 59.000 level.
Where does the 100.000 scenario invalidates?
58.475 should be the stop-loss, in which case the scenario mentioned earlier invalidates. This turn of events announces more range trading, and the structure A-B-C in teal is just a segment of a higher-degree wave structure, which will last around April 2025—maximum.
If you have enjoyed this article, you may also like this article: Capital Market Analysis As Of 1 May 2024: Fund Rates And Latest Data Analysis.
Disclaimer
This material doesn’t represent trading advice, and any financial loss associated with this article is strictly your responsibility.
