Bitcoin will reach the $ 100K mark in 2 years








As Bitcoin continued to trade below $ 7K, the price suddenly rose 8% from 6,221 to $ 6,675 in a huge green candle on April 1.


Last year, at the same time, Bitcoin skyrocketed more than 20%, first reaching $ 5K in a few months and hitting a high of nearly $ 14K in June.


Halving BTC has only 39 days left and some traders make short-term predictions while others think about the future of the next 2-3 years.


One of them thinks that after halving, Bitcoin may need a few years to reach an all-time high of $ 100K.


100K dollars: A joke or a joke?


Trader Moiseiev_Yurii shared a long-term forecast on TradingView, expecting Bitcoin to reach $ 100K by the end of 2022.



Source: TradingView


The reasons he gave are as follows:


“- The price for making 5 waves increased since 2011


- Now the transaction price in the ABC model from 20K


- The end of the C wave may be the $ 1,100 level


- When the price finishes the ABC pattern, 5 new bullish waves will begin


- The possible target in this case is the round number that people are waiting for 100K dollars. ”


'$ 5 million per coin'


Trader The Moon went even further when it confirmed that the upcoming halving and the severe financial crisis situation would bring Bitcoin to a high of $ 5 million, 5 times the bet of John McAfee but then. 'gave up and ran for people'.




"Bitcoin price can go up to 5,000,000 dollars every coin.


I am raising prices now for BTC when adjacent and halving coincide with the great financial crisis.


Bitcoin needs a break 6.900 - 7.100 dollars


Analyst Michael van de Poppe believes that in order to continue the upward trend, Bitcoin needs to surpass $ 6,900, after which it can reach $ 8,000.




"So, look General, views did not change, only was out of deals. Attack the heights and I will follow How do they react to area 6.900-7.100 dollars. Break and flip = cow -> 7.800 - 8.000 dollars. Waiting for the opportunity next.


Breakout price Bitcoin


Last night, the Bitcoin price broke out of the symmetrical triangle formed since March 20, which occurred after the price completed the A-B-C-D-E corrective tissue, although the E wave did not reach the ascending support line of the triangle. In addition, the volume reached the highest level on the candle rising since March 23.


bitcoin


Bitcoin chart | Source: Trading View


The nearest areas of support and resistance are found at $ 6,500 and $ 6,800 respectively. Price has successfully turned the area of ​​$ 6,500 into support. So the least short-term orientation is up.


The support line increases gradually


Observing the long-term chart, it shows that BTC has been following the long-term upward support line since it hit the bottom on March 13. On March 30, the price was confirmed for the fourth time and created a bullish engulf candle.


For resistance, the price can follow a sideways or descending line, creating an ascending or symmetrical triangle.


Either way, due to the creation of 4 consecutive higher lows and the lack of bearish divergence, Bitcoin is expected to break out of this resistance.


bitcoin


Bitcoin chart | Source: Trading View


Due to the lack of resistance just above the current price and having undergone a relatively long consolidation period, a breakout can quickly occur with prices moving above $ 8K.


bitcoin


Bitcoin chart | Source: Trading View


The nearest resistance areas found are $ 8,200 and $ 9,200.


In conclusion, the Bitcoin price started moving up on April 2 and broke out of the descending resistance. Volatility and the creation of higher lows show that prices want to keep rising. Breakout can bring the price back above $ 8,000.


You can see the price of BTC here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Thuy Trang


According to AZCoin News




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