Analyst Tom Lee from Fundstrat Global Advisors predicts that Bitcoin could experience a historic bull run, potentially exceeding $100,000 by the end of 2024.

In a recent interview, Lee emphasized that a comfortable crossing of the $100,000 mark seems plausible, especially in light of President-elect Trump's upcoming Treasury Secretary selection.

Market analysts believe that Trump's choice for Treasury Secretary could significantly impact the establishment of a national Bitcoin reserve, which would be bullish for BTC.

Currently, Polymarket indicates a 66% chance that Bitcoin will hit $100,000 by December 2024, while Deribit traders estimate a 24% chance by the end of November.

As of today, Bitcoin is trading at approximately $90,970, reflecting a nearly 2% increase in the last 24 hours.

The anticipated surge in Bitcoin's price is expected to trigger an explosive altcoin season, prompting investors to identify promising projects.

Crypto analyst Ali Martinez suggests that past bull markets have seen Bitcoin rise significantly before corrections, hinting at a potential peak of $138,000 before a pullback.

Key support levels for Bitcoin are identified between $85,800 to $83,250, with a sustained daily close above $91,900 necessary to maintain a bullish outlook.

However, technical analysis shows a sell signal from the TD Sequential indicator and an overbought condition on the Relative Strength Index (RSI), indicating caution.

Martinez also warns of a potential steep correction as market greed rises, evidenced by increased Bitcoin-related Google searches and significant realized profits among investors.

Despite these concerns, Bitcoin's robust security features and blockchain technology continue to position it as a strong alternative to existing financial systems.

Lee's optimistic price forecast aligns with historical trends observed during previous Bitcoin Halving cycles, which are known for driving prices upward.