Bitcoin (BTC) appears poised to chase momentum towards $ 100,000 as its price breaks out of a classic bullish structure.
This setup is known as the Bull Pennant and represents a period of price consolidation with converging trend lines forming after a strong rally to the upside. Ultimately, it drives price to break out in the direction of the previous trend to a level that is usually much longer in length, commensurate with the size of the initial large move.
On Bitcoin’s weekly charts, the cryptocurrency appears to be moving within a similar consolidation structure, with its price oscillating within a triangle-like structure after a strong upward movement.
Last week, Bitcoin broke the structure’s upper trendline when it rose 13.5% due to increased trading volume. As a result, the cryptocurrency breakout movement is showing its potential to rise on a par with the size of the previous trend (nearly $ 50,000).
Therefore, starting from the breakout point (~ $ 48,200), Bull Pennant’s upside target would be higher than the other $ 50,000, which is closer to $ 100,000.
The technical setup that predicted Bitcoin at $ 100,000 is no longer in place after many analysts introduce the cryptocurrency with the same digital six-rating.
A team of researchers from Standard Chartered, led by Geoffrey Kendrick, global head of currency research for emerging markets, predicts BTC will hit $ 100,000 early next year. They cite Bitcoin’s potential to become the “dominant peer-to-peer payment method for the no-bank account world” behind their bullish prediction.
David Gokhshtein, founder of Gokhshtein Media and PAC Global, also envisioned Bitcoin above $ 100,000 before the end of 2021. The CEO based his bullish outlook on Bitcoin fiat liquidity available in the market.
“Not everyone will go public and tell you they are buying Bitcoin, but they are,” Gokhshtein told Business Insider.
“There is too much money in the market. Too much money. The organizations didn’t come here to play for five minutes. “
His testimony comes after George Soros’ investment firm announced at a Bloomberg event that it owned Bitcoin, causing the cryptocurrency to surge. It soon happened with the latest JPMorgan & Chase report showing institutional investors prefer Bitcoin to gold as an inflation hedge.
In an earlier study published in May, the banking giant predicted that Bitcoin will hit $ 140,000 in the long run.
On-chain indicators show an increase in the holding mood among Bitcoin traders.
Related: Tesla Could Make More Money From Bitcoin Than Selling Cars
In particular, the Bitcoin reserves, which are held on all crypto exchanges, recently fell to a one-year low, according to the blockchain analysis company CryptoQuant. The decline shows the intent of traders to keep their bitcoin tokens closer than trading them for other fiat / digital assets.
As a result, a decrease in Bitcoin balances on the exchanges often leads to an increase in the price of BTC.
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