The Fractal That Puts Bitcoin At $100,000 Before Year-End
05 Noviembre 2021 - 11:00AM
NEWSBTC
Bitcoin has mostly consolidated beneath its all-time high from
October. Cryptocurrencies like Ethereum and Solana have gone on to
touch new all-time highs following the October rally but the same
cannot be said for bitcoin. BTC’s entrance into the new month has
been unremarkable so far. The digital asset has mainly maintained
its value above $61,000 despite wavering momentum. However, a flash
crash on Wednesday put the digital asset at $60,000 for the first
time since its October ATH. Related Reading | Bitcoin ETF
Inflows Slow Down As Altcoins Interest Rebound The next big target
for BTC has been the $100K mark by the end of the year. Various
analyses have been put forward that places the digital asset at
this price in December. None have come as close as this fractal
from 2017 that sees BTC hitting the $100K mark before the year runs
out. Placing Bitcoin At $80,000 Before getting to $100K, the
bitcoin fractal points at BTC rallying another 30% in November to
land at $80,000. Crypto analyst Justin Bennett points this out in
his weekly newsletter where he analyzes market movements to try to
predict the direction of the digital assets. BTC trending at $61K |
Source: BTCUSD on TradingView.com Bennett points out glaring
similarities in the asset’s movements to that of a fractal from
2017. With one chart superimposed on another, the analyst shows
that since June, bitcoin has closely followed this fractal from
2017. This means that this trigger has been in the making for over
four months. Furthermore, the accuracy of the movement to that of
2017 is striking in that it is almost identical. So, it is likely
that the trends will continue to closely follow this fractal, and
if it does, BTC is in a prime position to rally towards $80,000.
How It Gets To $100,000 Bitcoin sticking to the 2017 fractal is as
important to its $100K mark as it is to $80K in November. The next
two months will be market-defining for the digital asset going
forward and if the fractal is followed as closely as it has been in
the last four months, then $100,000 is conceivable by December. One
thing about fractals though is that they are not always an accurate
measure of future value. They can just as easily deviate from an
established path despite following the same trend for months.
Bennett points this out in his analysis but also points to previous
analyses that have put future value anywhere in the ballpark of
$207,000 to $270,000. Related Reading | FOMO Beware: Spot
Bitcoin Buying Volume Remains Low, Despite New ATH Basically, what
this means is that the future of bitcoin, or at least for the last
two months of 2021, is incredibly bullish. The fractal may or may
not deviate. However, indicators point to BTC riding the wave to
$100,000 by the end of the year. The crypto analyst also points out
that BTC peak cycles have gotten longer in recent times. So, even
if BTC does not hit this price point in December, the cycle is
expected to last into the first quarter of 2022, meaning that we
could continue to see higher prices well into March next year.
Featured image from FreightWaves, chart from TradingView.com
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