How likely is it for Bitcoin to surpass $100,000 in the near future?

economictimes.indiatimes.com:

Bitcoin reached its all-time high of $73,780 in March 2024, right before the halving event occurred. However, despite all expectations of a bull run symmetrical to previous halving events, the world's largest cryptocurrency has disappointed investors so far registering a 15% fall in the next six months.

At the time of writing this opinion on September 9, Bitcoin has been unable to sustain its upward momentum and is trading at $55,081. Institutional investors have already provided a sale indicator, and coupled with whales and retail investors booking profits and the upcoming Federal rate cut announcement in September, experts suggest its valuation will slump over 20% in the near future. However, predictions have often worked little to understand the dynamics of the crypto markets in the long-term, but the looming rate cut and the outcome of the US Presidential Election have everything to shape Bitcoin’s future.

As it stands, the $60,000 mark has become the resistance point for Bitcoin in the near future. While BTC’s prior upward momentum has been able to cross the mark a couple of times since the halving event, it has failed to sustain its position, and the resulting movement has forced Bitcoin to seek strength from the support zone at $56,000. The immediate future looks bleak at best, and the Fibonacci Retracement method suggests that it is in a downward spiral and even at the best of scenarios, could probably reach only the $65,000 levels.

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