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bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency hit a new all-time high of $103,679, marking a year-to-date increase of more than 140% and pushing its market capitalization above $2 trillion.
This achievement has reignited enthusiasm within the investment community, solidifying bitcoin's position as a key player in the global financial market.
Despite this impressive feat, bitcoin has seen a slight pullback. At the time of writing, it is trading at $101,573, up 6% in the last 24 hours.
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What comes next?
IntoTheBlock market intelligence platform <a target="_blank" href="https://twitter.com/intotheblock/status/1864546855050186894?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>heavy about this development, offering insight into bitcoin's potential trajectory. The platform's analysts highlighted that the limited supply of bitcoin and the growing interest from institutional investors and even countries create significant upside potential.
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bitcoin exceeds $100,000!
An important milestone, but what's next?
With limited supply and substantial interest from large investors (and even countries), the potential seems limitless. However, we recommend taking a look at previous cycles to evaluate the potential.
This graph shows… pic.twitter.com/5b60oTRJy3
– IntoTheBlock (@intotheblock) <a target="_blank" href="https://twitter.com/intotheblock/status/1864546855050186894?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>December 5, 2024
However, past cycles suggest diminishing returns, with historical post-halving cycles showing returns of 7,900% in 2013, 2,560% in 2017, and 594% in 2021.
Based on these trends, IntoTheBlock expects a more conservative growth range of 100% to 200% from the halving price, suggesting a peak between $130,000 and $190,000. IntoTheBlock analysts wrote in particular:
So while some are asking for a million dollars for bitcoin, a more reasonable expectation would be a 100%-200% return on halved priceplacing the limit between 130k and 190k.
However, the analysts also noted: “That is, unless bitcoin becomes a global reserve asset, of course.”
Analysis of market trends and investor behavior
Meanwhile, a CryptoQuant analyst has provided additional ideas about bitcoin's recent performance and market behavior. According to the analyst, bitcoin purchases continue to increase, and the Coinbase Premium index reflects strong purchasing activity in the United States.
The index, which tracks the price difference between Coinbase Pro and Binance, shows sustained positive data, indicating active participation by US investors.
The analyst emphasized the importance of monitoring this index alongside broader trend analysis. For example, during periods classified as “fear phases,” when buyers pull back and bearish momentum fails to materialize, the market often creates opportunities for strategic entry points.
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If the index remains in the positive zone, it indicates a continuation of the uptrend, making pullbacks the optimal time to position. Until bitcoin reaches what the analyst describes as the “excess phase,” long positions should be maintained, while profitable positions should be secured to mitigate risk.
Featured image created with DALL-E, TradingView chart
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