Bitcoin (Bitcoin) It looks like it is ready to rise to $100,000 because its price breaks through the classic bullish structure.
is called Bull pennant, This setting represents a period of price consolidation, which forms a convergent trend line after a strong rise. It eventually causes the price to break in the direction of its previous trend to a level that is usually higher than the initial large volatility.
On the Bitcoin weekly chart, the cryptocurrency seems to have been trending within a similar integrated structure. After a strong rise (Flagpole), its price fluctuated within a triangle-like structure.
Last week, Bitcoin broke the upper trend line of the structure Up 13.5% Start with the increase in trading volume. Therefore, the breakthrough of the cryptocurrency indicates that it is likely to rise to the size of its previous trend (nearly $50,000).
Measured from the breakthrough point (~$48,200), Bull Pennant’s upside target This is another $50,000 higher, or almost $100,000.
After many analysts envisioned cryptocurrency as the same six-figure valuation, the technical setting no longer predicts Bitcoin at $100,000.
A team of researchers led by Geoffrey Kendrick, Head of Global Emerging Market Currency Research at Standard Chartered Bank, Expected By the beginning of next year, BTC will reach 100,000 USD. Behind their bullish forecasts, they cited the potential of Bitcoin to become “the world’s main unbanked payment method for peer-to-peer payments.”
David Gokhshtein, the founder of Gokhshtein Media and PAC Global, also imagined Bitcoin surpasses $100,000 by the end of 2021The executive based his bullish outlook on the amount of legal liquidity available in the market, which, according to him, prompted major Wall Street players to buy Bitcoin.
“Not everyone will tell you publicly that they are buying Bitcoin, but they are,” Gokhshtein Tell the business insider.
“There is too much money in the market. There is too much money. Institutions did not come in and play for five minutes.”
His statement came after George Soros’ investment company revealed that it owns Bitcoin in an event at Bloomberg News, which caused the cryptocurrency to soar.JP Morgan Chase Latest report This shows that institutional investors prefer Bitcoin to gold as an inflation hedge.
In an earlier study published in May, the banking giant predicted that the long-term value of Bitcoin would reach $140,000.
Increased holding mood
On-chain indicators emphasize one Increased holding mood Among Bitcoin traders.
In detail, Bitcoin reserves held by all cryptocurrency exchanges have recently fallen to their lowest level in a year, according to data Provided by the blockchain analysis company CryptoQuant. The decline indicates that traders intend to hold their Bitcoin tokens instead of trading other fiat/digital assets.
Therefore, a decline in the Bitcoin balance on an exchange is usually accompanied by an increase in the price of Bitcoin.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.