Bitcoin (CRYPTO: BTC) has crossed the $100,000 mark for the first time, validating a prominent trader’s prediction from late 2022 that BTC would rally $100,000 from its bottom of $16,000.
What Happened: In November 2022, widely-followed trader DonAlt shared his Bitcoin trade idea, expressing comfort in risking his capital for the potential of a 5x return, which he saw as “more likely than losing it all.”
At the time, Bitcoin traded at around $16,000.
DonAlt provided periodic updates, exiting his position in April 2023 when Bitcoin traded at $28,480, stating he was satisfied with his returns and would wait for another "great opportunity."
By October 2023, he re-entered the market at $27,000, set a stop-loss level at $24,000, and exited again in November at $37,500, noting plans to re-enter in early 2024.
Following Bitcoin's historic surge, DonAlt tweeted that this chart is his "best ever" and speculated that the $100,000 milestone might spark a wave of retail interest in the coming weeks.
Also Read: Fed Chair Powell: Bitcoin Is ‘Like Gold, It’s Just Virtual And Digital’
Why It Matters: According to Glassnode, Bitcoin took 5,808 days to reach $100,000 and 4,424 days to surpass a $1 trillion market cap.
Last week, venture capitalist and cryptocurrency enthusiast Tim Draper predicted Bitcoin to $120,000 by end of 2024 and $250,000 in 2025.
His prediction is based on superiority of the cryptocurrency over traditional fiat and long-term trends in usage.
IntoTheBlock data shows large transaction volume grew by 3.2% and daily active addresses were down by 3.4%. Transactions greater than $100,000 increased from 13,081 to 13,754 in a single day.
Exchanges netflows surged by 131.4%.
Bitcoin is up 7.3% over the past 24 hours, trading around $102,900 at the time of writing.
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