One of the enduring sentiments within the cryptocurrency market is concept about when Bitcoin (BTC) will hit the $100,000 all-time excessive, with a lot of the hypothesis specializing in the timing of this milestone.
This sentiment has been additional strengthened by crypto buying and selling knowledgeable Captain Faibik, who believes that the main cryptocurrency is primed to succeed in this place. In a TradingView put up on August 17, the analyst famous that Bitcoin is at the moment in a important part that might propel it towards the $100,000 milestone.
Notably, reaching this mark would reward Bitcoin buyers with practically 70% features from BTC’s present worth of round $59,000.
Can Bitcoin attain $100K?
Faibik noticed that Bitcoin has been consolidating inside a Descending Broadening Wedge sample since March 2024. This sample, sometimes characterised by lowering lows and rising highs, suggests a possible breakout to the upside.
Current worth motion, following the sharp drop on August fifth, signifies that Bitcoin is recovering effectively and is at the moment approaching an important resistance zone within the $69,000 to $70,000 vary.
The analyst highlighted the importance of this resistance space, noting {that a} breakout above the $69,000 to $70,000 mark would affirm the wedge’s upside breakout. As soon as confirmed, Faibik initiatives a 20-25% bullish rally within the fourth quarter of 2024.
General, the knowledgeable expressed optimism, forecasting that Bitcoin might obtain the $100,000 mark this 12 months. He asserted that the cryptocurrency is at the moment in an accumulation part, sometimes characterised by sideways market motion and gradual worth will increase, simply earlier than a big bullish rally.
Bitcoin’s worth timeline to $100,000
The analyst additional famous that whereas the market might stay sideways for the subsequent two to 3 weeks, an enormous bullish rally might begin round mid-September. If this rally materializes, it could possibly be the catalyst that pushes Bitcoin towards the $100,000 mark.
“Bitcoin bulls must clear the $69-70k essential resistance space to substantiate the wedge upside breakout. As soon as the breakout is confirmed, I’m anticipating a 20-25% bullish rally in This fall. 100k is programmed for this 12 months,” the knowledgeable famous.
Captain Faibik urged buyers to undertake a strategic accumulation strategy throughout this part. Drawing parallels to the same interval in August-September 2023, when Bitcoin was buying and selling at $17,000 to $18,000, Faibik emphasised the significance of shopping for throughout dips. Again then, Bitcoin surged from $18,000 to $74,000 inside a number of months, rewarding those that adopted his recommendation.
Amid this worth projection, Bitcoin is at the moment consolidating beneath the $60,000 mark. Notably, buyers are ready for Bitcoin to breach the resistance, which might validate any short-term bullish momentum.
Bitcoin worth evaluation
As of press time, Bitcoin was buying and selling at $59,268, having gained over 2% within the final 24 hours. Over the previous seven days, BTC has been down by 2.4%.
General, bulls stay key to figuring out whether or not Bitcoin can exit the present consolidation part and reclaim the $60,000 stage en path to a brand new all-time excessive.
Disclaimer: The content material on this website shouldn’t be thought-about funding recommendation. Investing is speculative. When investing, your capital is in danger.