Bitcoin Price Surge Ahead? Why Analysts Think $100,000 Could Be Next!
The post Bitcoin Price Surge Ahead? Why Analysts Think $100,000 Could Be Next! appeared first on Coinpedia Fintech News
Bitcoin’s price hit nearly $68,000 on July 22 but then corrected by 6% over the next three days, wiping out previous gains. Despite this dip, the $67k support level has held strong, offering a glimmer of hope for bullish investors. However, in the short term, Bitcoin bears have some macroeconomic data backing their stance.
Perhaps Bitcoin’s price movements are always a hot topic for investors and enthusiasts. Here’s what analysts are suggesting about Bitcoin’s future.
Bitcoin’s Longest Consolidation Ever
Charles Edwards, Founder of Capriole Fund, recently highlighted an interesting point about Bitcoin’s current consolidation phase. For the first time, Bitcoin has reached its previous all-time high (ATH) during the typically quiet summer months.
Normally, summer sees lower trading volumes and less market activity, but Bitcoin’s strong performance shows it has solid support.
Looking ahead, Edwards is optimistic about the second half of the year, especially Q3 and Q4. He believes that the current stability might lead to significant market movements. Historically, the latter part of the year has often brought increased trading activity and price volatility in the cryptocurrency market.
If Bitcoin continues on its current trend, we could see major price changes and potentially new ATHs in the coming months.
Bitcoin To Reach $100K
Echoing the bullish stance of prominent crypto analysts, Jelle’s analysis focuses on a falling wedge pattern, which is often seen as a bullish signal in technical analysis. According to Jelle, this pattern indicates that Bitcoin has the potential to reach $100,000.
Bears Losing Strength
Despite efforts by bearish forces to prevent this pattern from playing out, Jelle observes that recent price movements suggest the Bitcoin bears are losing their grip. The recent candlestick patterns hint at a possible rise.
However, Jelle is confident that Bitcoin will soon make a major upward move. With the falling wedge pattern in play, he expects Bitcoin to climb toward $100,000. As he says, “Send it higher.”
