Introduction
The Bit coin market has recently performed impressively, with the price repeatedly hitting new highs and being just one step away from the $100,000 mark. According to a recent report by BCA Research, the current Bit coin bull market still has the potential to double. The analysis shows that even if there may be a short-term correction, its structural upward trend remains solid, and the long-term target price is expected to exceed $200,000.
Bit coin breaks new highs this week
This week, Bit coin prices have repeatedly hit new record highs. Last night at 19:00, the Bit coin spot price broke through the $98,000 mark for the first time, and around 03:15 in the early morning, it reached a high of $98,960. The perpetual contract price has even exceeded $99,000, seemingly accelerating its push towards the $100,000 mark. As of the time of writing, the Bit coin price has retreated slightly, currently reported at $97,999, with a 24-hour increase narrowed to 3.43%.
Latest price trends of Bit coin BTC & Ether ETH
BCA Research: Bit coin's long-term target exceeds $200,000
The BCA Research team pointed out in the analysis report that although the recent rapid rise in Bit coin prices has been driven by market forces, its 260-day fractal dimension indicator has not yet reached the 1.2 market reversal critical point. This indicates that the current Bit coin bull market trend still has significant upside potential. The report predicts that although there may be a correction in the short term, Bit coin is ultimately expected to break through $200,000. However, the analysis also warns that the current fractal dimension is close to 1.4, and the actual performance may be slightly lower than the above optimistic forecast.
In addition, Swan Bit coin analyst Sam Callahan emphasized that the strong performance of Bit coin is driven by multiple positive factors, including improved market liquidity, increased institutional investment, a friendly regulatory environment, and the potential expansion of US fiscal deficit policies.
Ether and Layer 2 tracks rise together
Against the backdrop of Bit coin prices approaching $100,000, Ether has also seen a strong rebound. Last night, the Ether price surged 7.5% within 3 hours, reaching a high of $3,386 earlier. Layer 2 solution-related tokens have also benefited. In the past 24 hours, the price of Optimism (OP) has risen by more than 20%, and Arbitrum (ARB) has risen by about 12%, becoming the focus of the market.
The Bit coin bull market momentum is strong, and $100,000 seems within reach, while the market's structural factors indicate that its long-term upside potential is still broad. At the same time, Ether and Layer 2 projects are also ushering in a new round of growth momentum, becoming a new hotspot for investors. In this round of market trends, the market may witness more historic moments.
