Bitcoin (BTC) price entered a strong price discovery phase for the first time since December 2020 after the weekly chart closed above $80,000. BTC’s bullish structure has led to a short-term to long-term outlook, with several analysts believing that various six-figure price targets will be achieved sooner rather than later.
Bitcoin could reach $125,000 by New Year’s Eve.
Popular market analyst Peter Brandt highlighted that Bitcoin tends to repeat bullish price action trends when it decides to “mark up.” The trader commented on BTC’s current movement above previous ATH levels and suggested a $125,000 price target based on Bayesian probability.
Bayesian probability, or Bayes’ theorem, determines the conditional probability of a future event based on a set of past data. In layman’s terms, this helps traders deal with uncertain price ranges by setting goals based on how the asset has behaved under similar past circumstances.
Bitcoin 1-day chart analysis by Peter Brandt. Source: X.com
Brandt explained that based on the above theorem, BTC’s run in Q1 2024 could be emulated in Q4 2024, potentially hitting a $125,000 high on New Year’s Eve 2024.
Meanwhile, Bitcoin proponent and trader Titan of Crypto stated that its bullish pennant target for BTC is $158,000. The trader cited the completion of BTC’s weekly chart golden cross as a key factor for the continuation of the bullish trend and held $100,000 as the first target for the second bullish phase of 2024.
Related: Bitcoin Price Hits $80,000 for First Time — New ‘Inflation-Adjusted’ All-Time High
Check out the Bitcoin CME gap between $77,800 and $80,600.
Bitcoin price rose more than 5% over the weekend, opening a CME gap between $77,800 and $80,600 on the daily chart on November 11. This is the first CME gap since August 2024 on a 1-day basis, with the CME gap on November 11, 2020 likely to be filled on the daily chart.
Bitcoin CME futures 1-day chart. Source: TradingView
So, if conditions change, Bitcoin could fall below $77,800 in the coming days. Anonymous market analyst Scient also pointed out that BTC could be close to local highs. Scient added it
“We expect prices to pause around $84,000-$85,000, followed by a correction/consolidation for 7-10 days before resuming.”
However, it is important to note BTC’s previous market behavior in relation to the CME gap. In similar conditions, a small CME gap opened in 2023 after BTC broke through resistance levels for several months before hitting yearly highs in the fourth quarter.
2023 BTC CME futures analysis. Source: TradingView
As you can see in the chart, the CME gap was formed under a higher upside outlook and was not filled until January 2025, when BTC price rose 23% further in the CME gap.
If Bitcoin follows through on the above, the cryptocurrency asset could continue to rise higher and hit new all-time highs above $100,000.
Related: $80K BTC Price Chases Gold — 5 Things to Know in Bitcoin This Week
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.