Analysts Identify Key Scenario For Bitcoin Hitting $100,000
25 April 2024 - 12:30AM
NEWSBTC
Prior to the Bitcoin Halving event, BTC’s price saw considerable
instability, but it has since rebounded, reaching the $66,000
level, triggering bullish predictions from top crypto analysts
regarding the coin’s future path. Captain Faibik, a crytocurrency
analyst and trader, has emerged with an intriguing prediction,
underscoring a narrative that could potentially propel the price of
Bitcoin to the coveted $100,000 mark in the upcoming months.
Bitcoin Poised For A Notable Rally To $100,000 According to
Captain Faibik, Bitcoin has managed to hold the $60,000 support
level in the wake of bullish investors in the market. As a result,
the largest crypto asset by market cap is currently making a strong
comeback. Related Reading: Is The Bitcoin Bloodbath Over? Analysts
Say $60,000 Is The Cycle’s Bottom These bullish investors,
according to Faibik must reclaim the crucial $72,000 resistance
level in order to see a major rally to the $100,000 price
level. This scenario acts as a ray of hope for the
cryptocurrency community, igniting speculations and influencing
projections about Bitcoin’s potential for future growth. Given the
anticipated impact of the Bitcoin Halving and bulls, the $72,000
level could be realized in the short term. The expert previously
highlighted that the Bitcoin weekly candle closed above the
Exponential Moving Average (EMA) 10, demonstrating that the bulls
are still very much in charge of the market. Following the
Descending Channel break out in October last year, BTC Bulls has
firmly secured the weekly EMA10, prompting the crypto analyst to
put his next price target for the digital asset at $100,000. Faibik
also noted that the daily Relative Strength Index (RSI) for Bitcoin
has emerged from a falling wedge pattern. This breakout suggests
that a 15% to 20% bullish rally in Bitcoin’s value is on the
horizon. Meanwhile, in the daily timeframe, a bullish flag
formation is underway, and in the event of an upward breakout from
the bullish flag, Faibik anticipates a new all-time high for
Bitcoin by May. Is A $1.5 million Price Level Possible For BTC? One
of the most bullish predictions for Bitcoin this year came from Ark
Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees
the digital asset to rise by over 2,000% reaching a whopping $1.5
million by 2030. Related Reading: ARK Invest Pivots To Bitcoin As
Cathie Wood Expects BTC Price To Explode During an interview in
Hong Kong, Wood reiterated her projections for BTC, which were
supported by a thorough investigation that included institution
surveys and evaluations of market volatility. She stated: I have
been asked this question from different angles, and our analysis
from multiple perspectives indicates that by 2030, Bitcoin could
rise to $1.5 million. This price prediction is based on a survey of
institutions, using a discount rate and volatility analysis.
Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in
the next six years. However, considering the effect of the Bitcoin
Spot Exchange-Traded Funds (ETFs), she now believes the coin has
the potential to hit $1.5 million. Featured image from iStock,
chart from Tradingview.com
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