Bitcoin to $100K Next? Analyst Eyes ‘Textbook Perfect’ Btc Price
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Bitcoin to $100K Next? Analyst Eyes ‘Textbook Perfect’ Btc Price

written by John Murphy | March 15, 2023

Bitcoin’s price has been on a rollercoaster ride this year, reaching a high of nearly $65,000 in April before experiencing a sharp drop to below $30,000 in July. However, one analyst believes that Bitcoin to $100K next. Though cryptocurrency is poised for a massive rally that could see it hit $100,000 in the coming months.

According to the analyst, the recent price action of bitcoin has been “textbook perfect” in terms of following a specific pattern known as the Wyckoff distribution. This pattern involves a series of market cycles that typically occur over several months and can be used to predict future price movements.

The analyst notes that bitcoin’s recent dip below $30,000 was part of the Wyckoff distribution pattern and was followed by a “spring” in price that saw the cryptocurrency rebound sharply.

This spring, according to the analyst, is a clear indication that bitcoin is currently in the “markup” phase of the pattern, meaning that it is likely to continue rallying until it hits a new all-time high.

The analyst further notes that the current market conditions are ripe for a bitcoin rally, with indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both pointing to a bullish trend.

In a March 14 tweet, Charles Edwards, founder and CEO of investment firm Capriole, called BTC price action in 2023 a “reversal of uplift and execution.” 

Additionally, the analyst notes that bitcoin’s recent consolidation around the $50,000 level is a natural part of the Wyckoff pattern and is likely to be followed by a breakout to the upside.

Overall, the analyst believes that bitcoin is currently in a strong position to reach $100,000 in the coming months, with the potential for even higher prices as the cryptocurrency continues to gain mainstream acceptance.

Of course, it’s important to note that cryptocurrency prices are notoriously volatile and can be difficult to predict with certainty. While the Wyckoff pattern may be a useful tool for analyzing past price movements, there is no guarantee that it will accurately predict future price movements.

Furthermore, several factors could potentially impact the price of bitcoin in the coming months. For example, regulatory crackdowns on cryptocurrency trading or a sudden shift in investor sentiment could cause prices to drop, even if the Wyckoff pattern suggests that a rally is imminent.

Despite these risks, many investors remain bullish on bitcoin and other cryptocurrencies, viewing them as a potentially lucrative investment opportunity in a rapidly changing financial landscape.

Whether bitcoin does reach $100,000 in the coming months remains to be seen. Still, there is no doubt that the cryptocurrency’s price will continue to be closely monitored by investors, analysts, and regulators.

As the global economy continues to evolve, it’s clear that cryptocurrency will play an increasingly important role. It will be fascinating to see how bitcoin and other cryptocurrencies fare in a rapidly changing financial world.   

Bitcoin is amid a “bump-and-run reversal” that will require a serious uptick, claims Caprior CEO Charles Edwards.  

BTC’s drop of $24,937 represents a typical trading move that could reach $100,000, according to analysts.