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Bitcoin appears poised to chase bullish momentum towards the $ 100,000 mark if it breaks out of a classic bullish structure.
Called the Bull Pennant, it represents a period of price consolidation with converging trend lines that form after a strong rally. Eventually it will cause the price to break out in the previous direction, equal to or above the original main move.
On the weekly charts, Bitcoin seems to be trending within a similar consolidation structure, with the price oscillating within a triangle-like structure after a strong upward movement (flagpole).
BTC / USD weekly price chart bull pennant | Source: TradingView
Last week, Bitcoin broke the structure’s upper trendline when it rose 13.5% and increased trading volume. As a result, Bitcoin’s breakout is showing upside potential comparable to the size of the previous trend (nearly $ 50,000).
From the breakout point (near $ 48,200), the bull flag’s upside target is above $ 50,000, which is close to $ 100,000.
Tech setup predicted Bitcoin at $ 100,000 shortly after many analysts considered a six-digit valuation.
Researchers at Standard Chartered, led by Geoffrey Kendrick, Global Director of Emerging Market Currency Research, predict that Bitcoin will hit $ 100,000 early next year. They cite Bitcoin’s potential to become “the dominant peer-to-peer payment method for the global non-bank population,” behind their bullish forecast.
David Gokhshtein, founder of Gokhshtein Media and PAC Global, has also been considering Bitcoin over $ 100,000 before the end of 2021. He gave his bullish outlook based on the fiat liquidity available in the market after pushing Wall Street players to buy Bitcoin.
“Not everyone is going to go public and tell you they are buying Bitcoin, but they are. There is too much money in the market. Organizations have no intention of surfing. “
David Gokhshtein’s testimony comes after George Soros’s investment firm announced it owned Bitcoin at a Bloomberg event, causing the price to skyrocket. This was followed by the latest report from JPMorgan & Chase showing the preference of Bitcoin over gold as an inflation hedge among institutional investors.
In an earlier study published in May, the banking giant predicted that Bitcoin will hit $ 140,000 in the long run.
Investor sentiment grows
On-chain indicators show an increase in the holding mood among Bitcoin traders.
In particular, the number of Bitcoins held on all exchanges recently fell to an annual low, according to the blockchain analysis company CryptoQuant. The decline shows the intent of traders to hold bitcoins rather than converting them into fiat or other digital assets.
Number of bitcoins held on exchanges | Source: TradingView
As a result, a decline in Bitcoin balances on the exchanges often drives prices up.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cointelegraph