Simon Peters, eToro Crypto Analyst: A historic moment for bitcoin as price breaches $100k
Even with this milestone reached, we’re still reasonably early in this bull market if past years and cycles are anything to go by. Historically the peak of the bitcoin bull market has formed 12-18 months after the block reward halving. With the most recent halving having occurred in April 2024, this puts a timeline of the end of 2025 or early 2026 for when the peak of the bull market should occur.
With that being said, it is not unusual to see 20 to 40% drawdowns in the bitcoin price during bull markets. With the price reaching such a significant milestone as $100,000 and it being holiday season, I wouldn’t be surprised to see a pull back from this level, as investors take some money off the table before the trend continues on.
Josh Gilbert, markets analyst at eToro
Bitcoin has hit the milestone USD $100,000 figure. Bitcoin reaching six figures is no small feat and goes to show the global adoption of this asset we’ve seen in recent years. For investors, this move higher doesn’t seem to be done for the year just yet, thanks to the powerful momentum currently driving this bull market. Bitcoin’s performance, if there was still any doubt, solidifies that it deserves a place within a diversified investment portfolio.
If we look at past market cycles, it still feels like we’re reasonably early in this bull market. Reaching the $100,000 mark is undoubtedly a significant psychological level for many, and we may see some profit taking along the way. Investors must remember that an asset doesn’t go up in a straight line forever. Drawdowns for bitcoin are par for the course, but it feels like it’s going to take something big to slow down bitcoin right now.
Crypto assets are just the beginning. The underlying technology –blockchain – holds immense potential beyond just digital currencies. Just as the internet transformed communication, blockchain will reshape finance, ushering in a new era of innovation. The years ahead are exciting. This is just the beginning of widespread adoption, seamless integration with traditional finance, and robust regulatory frameworks
10.12.2024 / Editor, Andreea Dragan
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