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Bitcoin‘s recent upside strength has sparked speculations within the crypto community about its move to the $100,000 level and beyond in the current market cycle as many crypto experts predict that the digital asset could witness a rally to the price range shortly.
Bitcoin’s Path To $100,000 And Beyond Inevitable
As the community anticipates Bitcoin’s ascent to a 6 figure value, Ali Martinez, a market analyst, and investor has forecasted BTC’s price spike to the $150,000 mark in the ongoing cycle while offering insights on the potential timeline for the milestone.
Ali Martinez’s bold prediction which has triggered excitement among investors and traders is attributed to market trends cited in the last two bull cycles that frequently put BTC on an upward trajectory in the following days. With bullish momentum brewing along with positive market conditions, Martinez’s projection bolsters the increasing optimism about BTC’s pricing prospects in the long term.
It is important to note that the price of BTC has been consolidating for a week after smashing its previous all-time high. Considering Bitcoin’s current price action, the market expert claims that this price behavior is similar to that of the previous two bull cycles, suggesting a potential massive upsurge related to the leg up seen during the periods.
Should past trends repeat, Martinez expects another huge breakout for BTC to the $150,000 level in the following day or two. Furthermore, as the analyst foresees a surge to the aforementioned level, he has warned of a possible 30% price correction once this target is achieved in the coming days.
Another crypto analyst who has predicted BTC to hit the $100,000 mark and beyond is Micheal Van De Poppe, the founder of MN Consultancy. While Ali Martinez expects the digital asset to be valued within the range in the next two days, Van De Poppe has set his timeline between 1 to 2 months.
With BTC hitting between $100,000 to $120,000 in the next 1 to 2 months, Van De Poppe believes that this significant upswing will have a final crash on Ethereum, the second-largest crypto asset. However, following the development, the expert claims an altseason much like the one seen in 2017 will kick off.
Upward Momentum Still Holding Firm
BTC continues to showcase bullish movement, holding fervently above $93,000, sparking optimism of further price gains. This robust performance of BTC has attracted large institutional and retail adoption, which could also act as a catalyst for future price growth.
Presently, the crypto asset is maintaining a healthy price trend at $93,301, demonstrating a nearly 2% rise in the past day. Its market cap and trading volume are exhibiting positive action, rising by about 2% and 7.45% in the last 24 hours. Since bulls are gradually taking control of the market, BTC might extend its bullish momentum towards several crucial resistance levels such as $93,500 and its new all-time above the $94,000 mark.
Featured image from Unsplash, chart from Tradingview.com
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