Now and then, crypto analysts come up with ambitious and even fantastic forecasts for Bitcoin. In practice, the number one crypto has been drifting higher at a snail’s pace. Its spikes are alternated by slumps. Meanwhile, crypto fans are trying to puzzle out whether Bitcoin’s stunning rally is on the horizon and whether the cherished target of $100,000 is still realistic.

This year, Bitcoin once again amazed the financial world by surpassing the 2021 high of $69,000. In March 2024, the first cryptocurrency set a new record at $73,737. This triggered another wave of forecasts regarding the flagship cryptocurrency. Therefore, many experts and market participants concluded that BTC is gradually approaching the landmark of $100,000.

Currently, the leading digital asset is trading 17% below its historical high, although the 12-month chart shows multiple rises above $70,000. This year, there were moments when Bitcoin closed at $70,000 or higher for 14 days.

Nevertheless, the issue of further growth for the first cryptocurrency is obscure. Analysts suppose that psychology plays a crucial role in the movement of BTC's price. The expectation that Bitcoin will reach the fantastic $100,000 creates a psychological barrier for market participants.

As the main cryptocurrency approaches this figure, crypto traders will rush to take profit. Market players who bought the asset at lower prices might start selling to lock in profits. Such a scenario would trigger a correction in BTC's price.

Historically, Bitcoin's market cycles consisted of periods of rapid growth followed by corrections. Currently, experts pinpoint bullish sentiment among crypto traders which sets the stage for a protracted bullish cycle. In such a scenario, significant rallies would be followed by consolidation.

Many analysts and major market players believe that Bitcoin will surpass the $100,000 barrier. Some are more optimistic, expecting the crypto asset to rise above this threshold by 2025. However, caution is advised, as BTC's price could get stuck below the six-digit value without hitting the anticipated level.