Market Wrap: Why A $300K Bitcoin Price Is Inevitable

Bitcoin price increased by 1.8% in the last 24 hours to trade at $76,060.
Technical analysis suggests that the price of BTC reaching $300,000 by the end of this bull market is possible.
The asset is in the price discovery zone and could surge as high as $80,000 next week.

Bitcoin price soared to a new all-time high this week following the victory of Donald Trump in the November 2024 elections. The markers’ volatility is soaring, and select crypto assets such as Dogecoin

Dogecoin is a so-called meme coin. It is a peer-to-peer cryptocurrency derived from Litecoin, whose name and design are based on the internet phenomenon Doge. Dogecoin was developed by Billy Markus, an IBM programmer, and Jackson Palmer, an Adobe programmer. The coin was issued on December 8, 2013. Symbol: Ɖ; Abbreviation: DOGE

” href=”https://blockzeit.com/glossary/dogecoin/” target=”_blank” data-gt-translate-attributes=”[{” attribute=”” tabindex=”0″ role=”link”>Dogecoin (DOGE) and Cronos (CRO) are surging. Market analysts such as Tom Lee have become even more ambitious, predicting the asset will hit $150,000 by the end of the year, which is less than 60 days away. While that may be a stretch, technical analysis suggests that the price of BTC reaching $300,000 by the end of this bull market is inevitable. The latest BTC price increased by 1.8% in the last 24 hours to trade at $76,060.

Previous Bitcoin Price Analysis

Last week, Bitcoin struggled to maintain above $69,000 after facing rejection at the $73,000 resistance. As anticipated, the just concluded U.S. election was a major market-shifting event, resulting in high volatility and Bitcoin price breaking through the multi-month resistance.

BTCUSDT Chart by Tradingview

We predicted that Bitcoin prices would surge during the election week and reach $79,900. Although the crypto asset did move upward, it encountered a small resistance around $76,800. Nevertheless, the asset is in the price discovery zone and could surge as high as $80,000, which is in line with last week’s analysis.

Why Bitcoin Hitting $300,000 Is Possible

After a period of consolidation lasting about 487 days from early 2022 to late 2023, Bitcoin price broke out of the range in an explosive move. Fueled by the anticipation of a spot ETF launch, Bitcoin soared and hit a high of $73,738 in March 2024 before it began dropping, creating a bull flag.

Following the Trump victory, the price broke to the upside of the bullish continuation pattern, and the measured move set the price target at $285,000.

Market Wrap: Why A $300K Bitcoin Price Is Inevitable — BTCUSDT Chart by Tradingview

Using the Fibonacci tool, Bitcoin price coils rise even higher to $315,714 before forming a top for this bull cycle. The Fibonacci retracement tool shows price levels where an asset may encounter resistance or find support.

In cases of price discovery, the tool can also be used to estimate zones of potential price resistance. In Bitcoin’s case, investors should expect Bitcoin to find resistance around $89,062, $108,950, $166,000, $268,000, and $315,000.

DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.