Analysts predict Bitcoin will reach 100000 despite potential pullbacks

Authored by Mary Liu, BitpushNews
As investors continue to digest new inflation data and the Federal Reserve’s dot plot, the crypto market is showing volatile trends.
Data from Bitpush shows that Bitcoin bulls attempted to push higher in early trading but faced resistance at $68,484. Bears took control after noon, causing BTC to drop to an intraday low of $66,206. At the time of writing, the Bitcoin trading price is $66,844, down 2.5% in the last 24 hours.
Altcoins have suffered heavy losses, with tokens ranked in the top 200 by market cap experiencing more declines than gains.
The previous day’s biggest gainer, Io.net (IO), saw the biggest decline on Thursday, dropping by 19.1%. This was followed by CurveDAO Token (CRV) and Arweave (AR) with declines of 19% and 13.4% respectively. Among the few tokens that saw gains, Aelf (ELF) led the way with a 7% increase, followed by SKALE (SKL) at 6.5% and Toncoin (TON) at 4.1%.
The total cryptocurrency market capitalization is currently at $2.42 trillion, with Bitcoin’s market dominance at 54.2%.
In the US stock market, as of the day’s close, the Dow Jones Industrial Average initially fell by 0.17%, while the S&P 500 rose by 0.2% and the Nasdaq rose by 0.3%. The latter two indices have set new closing highs for four consecutive trading days. Nvidia (NVDA.O) rose by 3.5%, Apple (AAPL.O) by 0.5%, and Tesla (TSLA.O) by 2.9%.
The Producer Price Index for May, released on Thursday, showed a 0.2% month-on-month decrease following a 0.5% increase in April, indicating some easing of inflation and providing more reasons for investors to anticipate a rate cut in September. The Chicago Mercantile Exchange’s Fed Watch tool currently shows a 68.5% likelihood of a rate cut, up from 65% yesterday. The market needs a new narrative to stimulate demand.
Analysts at Skew analyzed the current buy and sell orders on exchanges.
For BTC spot contracts, while there is bid depth between $66,000 and $65,000, the market needs to find trading demand to support the $66,000 level. There is considerable ask depth near $70,000 and higher prices, indicating the need for a new narrative to stimulate demand.
Looking at BTC perpetual contracts, the Perp order book is quite active, with a lot of buying liquidity but lower liquidity, usually a combination of actual demand and a large number of shorts seeking to close out positions.
Comparing Binance Perp and Bybit Perp contracts, the perpetual contract market is showing a clear hedging pattern, currently favoring shorts. However, the good news is that funding rates are low, and spot premiums are persisting longer, suggesting that the market is shedding some of its excesses.
An analyst at Secure Digital Markets stated, “With the US stock market hitting historic highs, it is expected that Bitcoin may soon follow suit. However, we should be prepared for short-term resistance around $70,000, with larger resistance at $72,000.” A $100,000 Bitcoin is only a matter of time.
Although Bitcoin’s price has been consolidating since the end of February, many analysts believe that the resumption of the uptrend is only a matter of time, with most predicting that Bitcoin will eventually surpass $100,000 at some point in this bull market cycle.
Analyst and mathematician Fred Krüeger stated on his podcast, “In theory, by the end of this year, the price of Bitcoin should be close to $100,000, possibly even reaching $90,000. However, Bitcoin’s price could be two standard deviations higher, which would bring our price to around $200,000 or even $400,000 this year.”
He added, “Looking ahead another year to 2025, we could potentially reach a trend line of $140,000, and if we surpass this number by one or two standard deviations, we could reach $600,000, which would be a significant move.”
Krüeger expressed his belief that “this cycle we may indeed see highs around $500,000 to $600,000.”
Market analyst CryptoCon is slightly less bullish on the peak sentiment of the cyclical market, giving a “tier 3” target price of $91,539 and a cyclical peak target of $123,832, although he noted that the cyclical peak target is rising.
Analyst Rekt Capital explained on X platform why sideways price movements are actually a good thing.
He wrote on Twitter, “The fact that Bitcoin is struggling to break through is beneficial for the entire cycle. Bitcoin has never broken out this early after a halving. If a breakout does occur, the cycle will accelerate to a shorter bull market than usual.”
Rekt Capital stated, “This continued consolidation allows the price to resynchronize with historical halving cycles, allowing us to have a normal bull market. Bitcoin has been consolidating within this reaccumulation range for three months. History shows that this situation could continue for another three months. Therefore, it is not surprising if the price falls back from the high-end resistance of the range.”