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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Analyst: After Bitcoin Hits $50,000, Expect Another 100% to 200% Rally

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Bitcoin price new banking crisis Arthur Hayes

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David Krueger, a crypto analyst on X, thinks Bitcoin (BTC) will tear higher, surging by 100% to 200% within five months, fueled primarily by fear of missing out (FOMO) once the coin breaks above $50,000.

Will Bitcoin Break Above $50,000 And Rally To $100,000?

Citing Tom Lee’s historical analysis, Krueger believes FOMO typically kicks in when Bitcoin trades above a price level “exceeding 97% of its historical days.” Lee is the co-founder and researcher at Fundstrat.

Zooming at the development in the monthly chart, the analyst notes that this price point sits at $50,000, a key psychological level that bulls have failed to overcome since the bull run from mid-November 2023. 

BTC "buy" trigger at $50,000 | Source: Fred Krueger on X
BTC “buy” trigger at $50,000 | Source: Fred Krueger on X

Accordingly, if Lee’s analysis and the analyst’s assertion come true, BTC prices will likely float higher in the sessions ahead. However, what’s unclear is when BTC will clear this $50,000 level, paving the way for $100,000 and even $200,000 five months after the decisive breakout. 

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When writing, BTC prices are firm and rallying. The coin is trending above $46,500 and will likely clear above January 2024 highs of around $48,700. Even so, whether the current uptrend will cause excitement, possibly creating FOMO, is yet to be seen.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Looking at Google Trends data and organic search related to Bitcoin, interest is fizzling out. Data shows that the number of people searching for Bitcoin in the United States has dropped and is at around early 2021 levels. Even so, around that time, Bitcoin prices began trending higher, eventually rising to as high as $69,000.

Bitcoin organic search in United States | Source: Google Trends
Bitcoin organic search in United States | Source: Google Trends

Halving And Spot ETF Issuers Loading Up More Coins

While FOMO appears elusive at spot rates, another analyst offers a different perspective. In response to Krueger’s outlook, the analyst notes that sharp interest in Bitcoin historically arrives around six months after halving, lasting up to 18 months. This event and steady or increasing demand create a supply-demand imbalance that may pump prices.

Bitcoin will halve its miner rewards in early April 2024. It is an event that may anchor bulls, setting the base for more gains as projected by analysts.

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The coin might also edge higher considering the pace at which spot Bitcoin exchange-traded fund (ETF) issuers have been buying BTC in the past few weeks since the product was approved in mid-January 2024.

With Wall Street players like Fidelity, BlackRock, and other crypto firms like Bitwise loading up more coins, BTC will likely be more scarce than it has been after past halving events.

Feature image from iStock, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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