Bitcoin hits $99,000! Analyst: There is still room for doubling this round, Ethereum’s recovery will drive Layer 2 to surge

Bitcoin broke new highs multiple times this week. Last night around 19:00, it officially broke through $98,000, and around 03:15 this (22nd) morning, the spot price reached a high of $98,960, and the perpetual contract has already exceeded $99,000, with the momentum to reach the $100,000 target this week. At the time of writing, there is a slight pullback, temporarily reported at $97,863, with the 24-hour gain narrowing to 3.43%.

BCA Research: Bitcoin Still Has Room to Double

Regarding the strong Bitcoin, the BCA Research team led by analyst Dhaval Joshi stated in a report earlier this month: "Although Bitcoin has risen due to the election boost, its 260-day fractal dimension indicator has not yet approached the 1.2 level that signals a market reversal."

Therefore, while we should expect short-term corrections in Bitcoin, the structural uptrend remains intact, with an ultimate target of over $200,000.

However, according to the chart below, although the current level has not yet reached the 1.2 reversal point, it is close to 1.4, so BCA's expectations may be a bit too optimistic.

Swan Bit analyst Sam Callahan analyzed that Bitcoin's price is continuously driven by a series of positive factors, including improved market liquidity, increased institutional adoption, a regulatory environment that has turned from headwind to tailwind, and the potential expansion of fiscal deficit policies during the Trump administration.

Ethereum Awakens, L2 Rallies Together

As Bitcoin is about to break through $100,000, the long-dormant Ethereum also experienced a strong rally last night, rising 7.5% within three hours, reaching a high of $3,386 earlier.

The Layer 2 track was also boosted, with the highest 24-hour gain being OP up over 20%, and Arbitrum also having about a 12% gain.