[Bitop Review] Bitcoin Hits Near $100K! Analysts See Room for Another Double, Ethereum Rebounds, Boosting Layer2

Bitcoin has repeatedly broken new highs this week, officially surpassing $98,000 at 7 PM yesterday. As of 3:15 AM today, spot prices reached a peak of $98,988, and perpetual contracts have even exceeded $99,000, indicating a strong momentum towards the $100,000 target this week.

At the time of writing, there has been a slight pullback, with the price currently at $98,598, representing a 4.69% increase in the past 24 hours.

BCA Research: Bitcoin Still Has Room to Double

Regarding the strong performance of Bitcoin, a report released this month by the BCA Research team led by analyst Dhaval Joshi stated, “Although Bitcoin has risen on the back of the election, its 260-day fractal dimension indicator has not yet approached the 1.2 level, which signals a market reversal.

Therefore, while we should expect a short-term pullback in Bitcoin, the structural uptrend of Bitcoin remains intact, with an ultimate target of over $200,000.”

However, as shown in the following figure, although the current level has not reached the 1.2 reversal point, it is also approaching 1.4, suggesting that BCA’s expectations may be overly optimistic.

The Bitop market analysis team thinks that Bitcoin’s price is being continuously driven by a series of positive factors, including improved market liquidity, increased institutional adoption, a shift from a regulatory headwind to a tailwind, and the potential expansion of fiscal deficit policies during Trump’s term.

Ethereum Rebounds, L2s Surge

As Bitcoin is about to hit $100,000, the long-dormant Ethereum also experienced a strong rally last night, rising 7.5% within three hours. Earlier, it reached a high of $3,386. At the time of writing, it is currently at $3,335, representing a 9.68% increase in the past 24 hours.

The Layer 2 altcoins have also been stimulated by this rally, with OP experiencing the highest increase of over 27% in the past 24 hours, and Arbitrum also seeing a 17% increase.

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