Bitcoin Crosses $100,000 — This Trader Predicted It At The $16,000 Bottom In November 2022

Bitcoin BTC/USD has crossed the $100,000 mark for the first time, validating a prominent trader’s prediction from late 2022 that BTC would rally $100,000 from its bottom of $16,000.

What Happened: In November 2022, widely-followed trader DonAlt shared his Bitcoin trade idea, expressing comfort in risking his capital for the potential of a 5x return, which he saw as “more likely than losing it all.”

Seems reasonable

Willing to lose the investment to gain more than a 5x
Think the 5x is actually more likely than losing it all

Still not finished buying and can buy more lower if need be but that's the idea pic.twitter.com/f3kTQAUUVS
— DonAlt (@CryptoDonAlt) November 16, 2022

At the time, Bitcoin traded at around $16,000.

DonAlt provided periodic updates, exiting his position in April 2023 when Bitcoin traded at $28,480, stating he was satisfied with his returns and would wait for another "great opportunity."

By October 2023, he re-entered the market at $27,000, set a stop-loss level at $24,000, and exited again in November at $37,500, noting plans to re-enter in early 2024.

Following Bitcoin's historic surge, DonAlt tweeted that this chart is his "best ever" and speculated that the $100,000 milestone might spark a wave of retail interest in the coming weeks.

Best chart I've ever made and probably will ever make

Congrats to all the people who were playing that setup and had more patience than me 🫡 pic.twitter.com/sntZxDhzRw
— DonAlt (@CryptoDonAlt) December 5, 2024

Also Read: Fed Chair Powell: Bitcoin Is ‘Like Gold, It’s Just Virtual And Digital’

Why It Matters: According to Glassnode, Bitcoin took 5,808 days to reach $100,000 and 4,424 days to surpass a $1 trillion market cap.

Last week, venture capitalist and cryptocurrency enthusiast Tim Draper predicted Bitcoin to $120,000 by end of 2024 and $250,000 in 2025.

His prediction is based on superiority of the cryptocurrency over traditional fiat and long-term trends in usage.

IntoTheBlock data shows large transaction volume grew by 3.2% and daily active addresses were down by 3.4%. Transactions greater than $100,000 increased from 13,081 to 13,754 in a single day.

Exchanges netflows surged by 131.4%.

Bitcoin is up 7.3% over the past 24 hours, trading around $102,900 at the time of writing.

Read Next: