Bitcoin has returned to the $100,000 mark after falling to $97,000 over the past 24 hours.
Bitcoin’s uptrend is officially back. According to CryptoQuant analyst Julio Moreno, the lowest high Bitcoin could reach this year is $145,000, which would add $1.04 trillion to its market cap, bringing its total valuation to $2.8 trillion.
On a more optimistic note, Moreno sees Bitcoin adding $2.08 trillion with a multiplier of four. In this case, he predicts Bitcoin could hit $197,000 before the year ends.
The analyst then goes even further, predicting a $249,000 price target based on a multiplier of six, which would push the market cap to $4.96 trillion. Moreno highlighted three key factors that helped Bitcoin reach these growth milestones, most notably the emergence of a pro-crypto administration in the United States.
Second, he highlighted the potential for lower interest rates and a favorable macroeconomic backdrop, which will support Bitcoin’s growth momentum. Finally, he noted that 2024 marks the final year of Bitcoin’s four-year cycle, which has historically been associated with strong price increases.
Read more: XRP Surges to $3 as Search Interest Outpaces Bitcoin
Bitcoin’s recovery is also expected to trigger an Altcoin Season. XRP has unexpectedly surged above $3, despite the SEC filing an appeal in its lawsuit against Ripple. Other digital currencies, such as Litecoin, have also pared their previous losses and maintained their upward trend thanks to their close connection to Bitcoin and solid fundamentals in the ecosystem.
If Bitcoin reaches the price levels predicted by CryptoQuant, altcoins will be the biggest beneficiaries of this boom.
