Bitcoin: 100 000$ Target
Bitcoin / TetherUS BINANCE:BTCUSDT
In May 2019, when the Bitcoin price was about 8500$, I gave my comment on the question “Would Bitcoin reach 1 000 000$?” for the Russian business TV channel. My point of view was that even with the best fundamental support, we would see 50 000$ for 1 Bitcoin , and maybe even 100 000$ as the highest point. When the price was 8500$, I couldn’t find any reasons how the market would reach 1M$ target.
In April 2021, I want to say 2 things:
– I was wrong thinking that the highest point for Bitcoin is 100 000$
– I keep staying on my position that 1M$ for 1 Bitcoin is the unreachable target.
If we look at the daily chart , we can see an interesting situation. The price is moving sideways below 60 000$ and buyers can’t update the ATH . Why? Where are active buyers and big players? When the price broke 50 000$, it became obvious that the next catchy target should be 100 000$. We can see bullish sentiment in the social media among the crypto audience and news that big players increase the volume of Bitcoin in their portfolios. But how much time we need in order to move back to the bullish trend? We need it as soon as possible because without hype around Bitcoin we will have additional risk to get a trend reversal with the further bearish market. You can tell as much as you want about “to the Moon” but it won’t protect you from the situation which we could see in 2018-2019. At that time, when Bitcoin reached 20 000$, we saw the same bullish sentiment in social media. We got the bearish trend and the bottom at 3500$. The crypto market is a bubble and it can drop by 80-90% anytime.
That’s why I think in order to continue the uptrend with the main target at 100 000$, we need to break 60 000$ resistance as soon as possible.
We had 3 attempts to pass through 60 000$ resistance and all of them failed. Maybe the 4th will be successful? Who knows!
Another fact, which we should take into consideration, is that the price didn’t drop below 50 000$. This level can be a good support in the future. If the price bounces from 60 000$ again, we will wait for the reversal signals from SMA50 and this support. The breakout below 50 000$ will open the road toward 42 500$ and SMA200 at 30 000$. But do you believe in such a bearish model?
An alternative option is a sideways movement between 60 000$ resistance and 50 000$ support. If the market needs more time for consolidation before a new run, this option will be in play. For traders, it will be possible to use trading strategies for range markets and trade in both directions, for investors it will give an opportunity to add new long positions at 50 000$.
As for me, I don’t trade Bitcoin . I think this coin is too heavy for making a good profit if you are not a big player. I prefer top altcoins and I use Bitcoin as an additional indicator confirming bullish sentiment in the crypto market.
But what about you?
What do you think about the future of Bitcoin? Will Bitcoin reach 100 000$ and when? What do you think about Bitcoin for 1M$?
Share your thoughts in the comments, let’s discuss.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov