The leading cryptocurrency, Bitcoin, had a 1.5% boost on Sunday. On the Bitstamp platform, it is presently trading about $29,600. Over the past week, the bellwether coin has increased by more than 6%.
According to Bloomberg, historically, four-month winning streaks in the price of bitcoin have frequently been followed by an increase of 260% on average during the following year. The largest cryptocurrency may hit a record $105,000 if this trend continues.
Bitcoin has had notable runs of monthly rises, such as a six-month period from November 2012 to April 2013, when its price rose from about $10 to over $259. Another noteworthy time frame was the six-month stretch from April 2017 to August 2017, during which the price of Bitcoin increased from about $230 to more over $400. These historical patterns give further context for the probable rise to the highly desired $100,000 level in the future.
According to U.Today, a major international bank named Standard Chartered also predicted that Bitcoin might soar over $100,000 by the end of 2024, indicating the beginning of a new crypto spring.
After a slew of high-profile industrial disasters, Bitcoin fell 60% last year. The collapse of bitcoin exchange FTX was the most notable of these events.
Investors and fans alike will be closely monitoring the cryptocurrency’s performance in the upcoming months since there is a chance for a leap to $100,000.
