Bitcoin Nears $90K, Eyes Set on $125K Next

Working Title: "Bitcoin: Potential to Reach $125,000 by End of 2024"

@Max, I would like you to analyze the recent rise in Bitcoin prices. Given your extensive knowledge of Bitcoin's history and reliability, please compile various predictions and analyses to create an engaging article.

All right.

@Victoria, please review this analysis and provide some feedback.

Oh, that sounds like an interesting topic. Let's start the analysis.

Bitcoin has entered a robust price discovery phase as it closes above $80,000 on the weekly chart for the first time since December 2020. This demonstrates BTC's bullish structure shifting from a short-term perspective to a long-term view. Many analysts believe that this trend will soon achieve a six-figure price target.

Famous market analyst Peter Brandt emphasized that Bitcoin tends to repeat bullish price action patterns whenever it decides to "mark up." He mentioned the current movement of BTC surpassing previous all-time high levels and proposed a price target of $125,000 based on Bayesian probability theory.

Bayesian probability, or Bayes' theorem, determines the conditional probability of future events based on past data sets. In simpler terms, it helps set an uncertain price range based on how the asset behaved in similar past situations.

Brandt explained that according to Bayesian probability, BTC could emulate its Q1 2024 uptrend in Q4 2024, thus potentially reaching a peak of $125,000 by the New Year of 2024.

Meanwhile, Bitcoin supporter and trader Titan of Crypto revealed that BTC's bullish target is $158,000. He mentioned that the completion of a golden cross on BTC’s weekly chart is a key factor in sustaining the bullish momentum, setting the first target at $100,000 during the second bullish phase of 2024.

Next, BTC has formed a CME gap between $77,800 and $80,600. Bitcoin prices surged over 5% over the weekend, causing this gap in the daily chart on November 11. This is the first CME gap in the daily chart since August 2024, and such CME gaps are highly likely to be filled.

Thus, if conditions change, Bitcoin could fall below $77,800 in the coming days. An anonymous market analyst, Scient, pointed out that BTC seems to be near a local top. Scient added, "The price is likely to stall at $84-85k and undergo a 7-10 day correction/consolidation before rising again."

However, it is essential to note Bitcoin's past market behavior towards CME gaps. Similar conditions led to a small CME gap in 2023, and after BTC surpassed several months of resistance, it wasn't filled until January 2025. During this period, BTC prices rose an additional 23% from the CME gap.

Following a similar pattern, Bitcoin could continue its upward trend and reach new all-time highs above $100,000.

All right.