Bitcoin continues to move higher after breaking out of the previous resistance area. At the time of writing, BTC is trading at $ 51,409, up around 4% in 24 hours. The question is, is there a clear signal of a completely bullish scenario?
Not really. There is still some consolidation, at least in the short term.
Gareth Soloway, strategist at InTheMoneyStocks.com, discussed the same thing in interview At the latest with Kitco. According to him, BTC will definitely consolidate, but then increase. When asked to predict the time of the greatest crash in world history, the chief market strategist quoted:
“That will probably come at some point, but I don’t think October. In my opinion, the Fed is still pumping money into the market. “
This certainly coincides with the passing of Robert Kiyosaki in October.
As for BTC, he believes a big drop could be seen before it climbs to six-digit levels.
“I’m still predicting that a pullback will likely begin after a slightly higher move above $ 50,000. Eventually we broke $ 40,000 here and traded in the $ 30,000 to $ 40,000 range before breaking the support. From there it drops to $ 18,000-20,000. All in all, this is the price movement that you can predict. “
However, Soloway suggested that Bitcoin bettors up to $ 100,000 and more could have some arguments. “In the long term, that’s a possible scenario,” he added. At the moment, however, the chart is still dictated by the previous cycles of Bitcoin.
Source: Gareth Soloway
Chris Vermeulen, Director of Market Strategy at investment advisory firm TheTechnicalTraders.com, shares the same view. He believes Bitcoin will go through some consolidation before exploding to $ 100,000.
Long-term HODLers, however, remain unaffected by the temporary decline.
The source: Twitter
The six-digit price mark is definitely the one that BTC should hit, especially since many analysts and even banks have predicted the same thing. For example, UK bank Standard Chartered predicts that BTC will hit $ 100,000 this year or early 2022.
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According to Ambcrypto