Bitcoin's price trajectory could potentially reach $200,000, facing challenges at the $100,000 resistance point.

From Investing.com

December 8, 2024 09:30 AM:

Bitcoin’s recent performance has reignited discussions on its long-term price trajectory, with potential to reach $200,000. Past market cycles show Bitcoin’s ROI growing exponentially, often hitting new highs. Despite hitting almost $100,000, Bitcoin could still rise. The road to $200,000 faces challenges, with $100,000 acting as a psychological resistance point.

Bitcoin has surged over 300% since hitting a low of $25,000 in 2024, following recovery patterns from previous bull markets. The cryptocurrency’s rally in 2017 and 2021 saw ROI increase significantly, with a $200,000 target seeming achievable based on past trajectory. However, short-term traders taking profits at $100,000 could pose obstacles.

Key support levels to watch are at $93,000 and $84,000 for signs of ongoing buyer interest. The upcoming 2024 Bitcoin halving could fuel its upward potential by reducing supply and boosting investor optimism. Growing institutional adoption and regulatory clarity may also create a favorable environment for Bitcoin’s growth.

Read more at Investing.com: Bitcoin (BTC) to $200,000? Here’s Why It’s Target By U.Today