Bitcoin Price Prediction As Research Analyst K33 Says ‘Multiple Positive Catalysts Ahead’: Can BTC Hit $100,000 This Year?

BitcoinThe current trading pattern for has been characterized by instability as it maintains a tight trading range between $29,000 and $31,350.

As the crypto market continues to capture the attention of investors and enthusiasts, the question on everyone’s mind is: Can Bitcoin hit $100,000 this year?

According to K33 Research Analyst, multiple positive catalysts are ahead fueling optimism and speculation about the potential for a significant rise in the price of Bitcoin.

In this Bitcoin price prediction, we delve into the analysis and predictions surrounding the future of Bitcoin and explore the factors that could propel it towards the coveted $100,000 milestone.

K33 Research Analyst Bullish on Bitcoin as Summer Season Offers Excellent Accumulation Opportunity

Bitcoin price is expected to benefit from a positive outlook as K33 Research analyst Vetle Lunde highlights the summer as a main accumulation period.

With Bitcoin currently trading above $30,000, Lunde expresses growing optimism fueled by multiple positive catalysts on the horizon.

Lunde emphasizes the revival of institutional interest in spot Bitcoin ETFs, indicating a validation of Bitcoin as a viable and robust investment alternative.

This institutional support, combined with other factors, sets the stage for an exciting market in the next nine months, which could significantly affect the price of BTC.

Bitcoin Price Prediction

Bitcoin made unsuccessful attempts to break above the $31,000 resistance level and experienced a downward correction below $30,850.

The break of an uptrend line with support around $30,750 resulted in a drop below $30,250, with a low near $30,160.

Currently, Bitcoin is consolidating its losses and trading near the 23.6% Fibonacci retracement level. It remains below $30,800 and the 50-day simple moving average.

Bitcoin Price Chart – Source: Tradingview

Immediate resistance is evident around $30,600, followed by a significant resistance level near $30,750 and the 50-day simple moving average.

To retest $31,000, the price would need to break above the 50% Fibonacci retracement level.

Conversely, if the $31,750 resistance level remains intact, Bitcoin’s move lower may continue. Immediate support lies around $30,150 and the recent low, while the next major support level is near $30,000.

More losses could push the price towards $29,550 or even the $29,200 zone in later sessions.

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