Bitcoin's possible supercycle with strong growth potential and resistance at $100,000

From Investing.com

December 9, 2024 08:30 AM:

The cryptocurrency market is debating whether Bitcoin has entered a supercycle. Economist Alex Kruger believes the recent surge indicates a unique cycle due to changes in how the sector is viewed globally. Bitcoin’s rise above $100,000 solidifies its position as a market leader, with steady growth shown on the chart.

Bitcoin’s consolidation between $98,000 and $100,000 suggests short-term resistance as some investors take profits. However, strong fundamentals and buying activity at lower levels hint at a longer bullish phase. A supercycle relies on fundamental changes like institutional adoption and regulatory clarity, which seem to be in Bitcoin’s favor.

Recent price spikes have seen a robust rise in trading volume, indicating high market interest. While momentum has slowed slightly, breaching the $105,000 resistance level could lead to further gains up to $120,000-$140,000. Economist Kruger predicts a possible local top by March, but a bear market is not imminent.

Bitcoin’s increasing adoption and use cases may support continued growth despite market conditions. If favorable, Bitcoin could sustain a bullish structure, aligning with the supercycle hypothesis based on current trajectory and market dynamics. Market sentiment and macroeconomic factors will play a role in Bitcoin’s future growth potential.

Read more at Investing.com: Economist Alex Kruger By U.Today