Market analyst Jelle has recently made a bold prediction that Bitcoin (BTC) will reach the highly sought-after $100,000 price, stating that the next upward movement has already begun.
Jelle’s assertion comes in light of the current state of the Bitcoin market and the recent push towards recovery. This prediction builds upon his previous analysis, where he speculated on the future direction of the premier cryptocurrency in the coming weeks.
On March 20, Jelle first highlighted that Bitcoin was on the verge of forming a new higher low on the 2-day chart during a period of consolidation. He acknowledged the asset’s impressive surge from $38,000 to $72,000 and anticipated a correction.
However, Jelle remained confident in Bitcoin’s potential to resume its upward trend, viewing the retracement as an opportunity for growth. His subsequent analysis on March 21 emphasized that the potential higher low could serve as a healthy retest for Bitcoin.
Now, five days later, Jelle has confirmed that Bitcoin has indeed formed the projected higher low at $60,805, marking the beginning of another bullish run. According to the analyst, Bitcoin has now initiated its push towards higher price targets.
While industry leaders like Binance CEO Richard Teng have predicted a target of $80,000, Jelle believes that Bitcoin has the potential to reach even greater heights, with $100,000 in sight. He asserts that it is only a matter of time before Bitcoin reaches this milestone.
However, $100,000 is not the most ambitious target set for Bitcoin. Leading asset manager Bernstein, global banking giant Standard Chartered, and Fundstrat’s Tom Lee all believe that BTC could reach $150,000.
Market data indicates that Bitcoin still has room for further price growth. Despite trading at a high of $69,631, Bitcoin’s daily relative strength index (RSI) currently sits at 58.32, suggesting that it is far from being overbought and still has potential for expansion.
Furthermore, bullish sentiments have returned to the market following the recovery from the $60,805 low. Bitcoin has seen a 14% increase from this low over the past week. As the recovery gains momentum, the spot Bitcoin ETF market has experienced positive inflows, with $418 million recorded yesterday.
Although Bitcoin briefly reached $70,000 before encountering resistance, it is currently trading at $69,631 and seeking another opportunity to push towards the $70,000 region. Over the past 24 hours, the asset has only seen a modest 0.41% increase.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The views expressed are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic holds no responsibility for any financial losses incurred.
