Bitcoin

David

when

The post <a href="https://coinpedia.org/news/bitcoin-price-could-hit-100000-in-next-six-months-it-could-trigger-a-wave-of-selling/" rel="noopener noreferrer nofollow">Bitcoin Price Could Hit $100,000 in Next Six Months; It Could Trigger a Wave of Selling</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Chris Vermeulen, Chief Market Strategist of The Technical Traders.com, recently opened up about Bitcoin price and trends in <a href="https://www.youtube.com/watch?v=WgxouYMP4jQ" rel="noopener noreferrer nofollow">a conversation with David Lin. </a>Chris expressed his belief that Bitcoin is poised to climb higher despite Bitcoin’s inability to break beyond the $70k levels.&nbsp;
Chris explained that Bitcoin has formed a basing formation, suggesting a critical level on the chart. This formation resembles a cup and handle pattern, considered one of the strongest, particularly when built in a basing formation. Breaking out of this level, Bitcoin’s price is now surging higher.&nbsp;
There are several interesting levels to consider, with the Fibonacci extension being one of the most accurate methods to forecast price momentum. Applying the Fibonacci extension to the chart pattern provides upside targets for Bitcoin’s price movement.
Following a pullback and subsequent rally, the next stop in this rally indicates a target of around $80,000, with a potential further upside to $90,000. Chris believes Bitcoin can go even higher, depending on historical trends.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 He said, “If we apply Fibonacci extension, which is the start of this breakout rally and down to the pullback we saw just a month ago, this projects for where Bitcoin could go, which is dramatically higher. This brings us up to about $87,000 and $106,000.”
</blockquote>
Using the monthly chart and Fibonacci analysis, Chris took a broader perspective and pointed out potential targets for Bitcoin’s upward trajectory. While he admitted he wasn’t a Bitcoin expert, he noted that Bitcoin and gold are perceived as an alternative currency.
Both assets are experiencing upward movement, potentially due to concerns about the dollar and stock market stability. Chris speculated that this trend suggests a looming crisis prompting investors to seek refuge in alternative assets like Bitcoin and gold.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “There’s a lot going here. Now, there will be some resistance area at $100,000. Typically, on whole numbers like $100,000, there’s going to be sellers lurking up there,” he added.
</blockquote>
If Bitcoin rallies to the above-mentioned point, it could trigger a wave of selling, potentially leading to a pullback or consolidation for several months. However, Chris believes that hitting $100,000 is the next milestone for Bitcoin, possibly occurring over the next four to six months based on the current chart pattern.

Bitcoin Price Could Hit $100,000 in Next Six Months; It Could Trigger a Wave of Selling

CoinPedia News

Other articles published on Jun 5, 2024

Why $BEER Is Up By Over 100% Today

Algotech Presale Garners Big Support; Dogwifhat And XRP Traders Prepare For Market Changes

PEPE And XRP Holders Enticed Towards Record-Breaking Profits On Rebel Satoshi (RECQ) Presale

Qubetics Whitelist Opens Doors to Early Access Amidst Solana's and VeChain Uncertainties

Crypto Market Mixed: Bitcoin (BTC) Steady at $69K, Toncoin (TON) and BNB Rise

Azarus and Stream Collaborate to Revolutionize Interactive Digital Content

Join our free newsletter for daily crypto updates!