Altcoin Season Index Surge as Bitcoin Nears $100k Milestone

After a brief dip below $90k earlier this week, Bitcoin (BTC) has been on a steady rise, leaving many wondering if the cryptocurrency is gearing up for its next big move. On Thursday, January 16, Bitcoin surged past a key resistance level of around $97.6K, reaching $99.2K during the mid-London session.

Could this be the start of a new chapter for Bitcoin?

Bitcoin is now facing a significant psychological resistance zone between $100k and $108k. A break above this range could trigger a new bull rally, potentially leading to new all-time highs. Meanwhile, the price of gold is also preparing for a potential bull run after breaking through a key downward trend at $2,697.

Bitcoin’s Bull Market Still Has Room to Grow

According to a report from CryptoQuant, Bitcoin has not yet reached the peak of the 2024/2025 bull market, based on several key indicators. After bouncing back from below $90k, Bitcoin is now possibly entering a phase of horizontal consolidation, setting the stage for further gains.

CryptoQuant has shared several possible price targets for Bitcoin. On the high end, Bitcoin could reach $249k, with a market cap of around $4.969 trillion. In a more moderate scenario, the price could hit $197K by 2025, corresponding to a market cap of about $3.929 trillion.

On the lower end, Bitcoin could reach $145K, implying a market cap of approximately $2.88 trillion.

What it Means for the Altcoin Industry 

A parabolic rally for Bitcoin could set off the much-anticipated altcoin season in the months ahead. Additionally, Bitcoin’s dominance has shown signs of a macro reversal after a year of rising steadily.

With Bitcoin’s future looking brighter than ever, the next few months could prove key, shaping the market’s direction for years to come.

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