Bitcoin Could Hit $100,000 Soon
A renowned crypto analyst is outlining his bullish price prediction for Bitcoin, suggesting that BTC is following a similar pattern to its previous market cycle.
TechDev’s Analysis
- TechDev, an anonymous analyst with a significant following on X, has shared a chart comparing Bitcoin’s current cycle to the 2020-2021 cycle.
- Using Elliott Wave theory, which implies that assets go through bullish movements in five waves, TechDev predicts that BTC is in its final bullish phase, potentially reaching six figures by the end of the year.
Price Target Prediction
- The analyst states, “The impulsive structure of the last 1.5 years indicates $90,000-$100,000 is the next target for BTC.”
- Based on the analysis, TechDev highlights that Bitcoin’s relative strength index (RSI), a crucial momentum indicator, has cooled down, signaling a significant upward momentum for BTC.
Previous Patterns
- TechDev recently forecasted a rally of over 120% for BTC, reminiscent of the late 2020 surge when Bitcoin jumped from $13,000 to over $29,000 within two months.
- Referring to past price action, TechDev explains, “Bitcoin’s two-month candle is right on the candle body high, soon after max compression. As RSI is about to break 70. These conditions have led to the past parabolic accelerations. I expect the next two-month candle to be as significant as Nov 2020.”
Current Market Status
- As of the latest update, Bitcoin is trading at $63,330.
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Hot Take: Will Bitcoin Reach New Highs?
Given the current analysis, it’s essential for crypto investors to track Bitcoin’s movement closely as it aims for a potential six-figure breakthrough.
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