Why may bitcoin get down to $9,700 and when will it grow to $100,000?
Opinion: the bitcoin price can fall to $9,700
Amsterdam stock exchange analyst Michaël van de Poppe shared his opinion about the nearest prospects of bitcoin.
He noted that although the price had managed to renew the year’s high, it had failed to settle higher than $12,000. It opens a way to moving further downwards and the final target of this move is the level of $9,700. At this point, the bitcoin futures chart on the CME exchange showed an untraded range: on July 24, Friday the price closed at the level of $9,615 while on Monday trading started at $9,925.
The price gap between these levels has not been closed so far — statistically, the price seeks to return to the empty zone in most cases. The analyst points out that bearish signals prevail at the moment, but buyers can still maintain the upward trend. To do it, they need to maintain the level of $11,400.
The analyst showed how bitcoin would get up to $100,000
Expert Dave the wave popular in Twitter showed how the bitcoin price would move during the next rally.
In his opinion, the price will get to the point of $16,000 very soon where the target of the ascending pennant pattern materialization is. After that the price will go down to $10,000 — the Fibonacci correction level of 0,382. It will happen at the beginning of 2021.
After that the price will enter the new growth cycle and it will test the point of $110,000 by the end of 2022. The intermediate stops will be the levels of $35,000 and $68,000 from which the price will be corrected by 25–30% downwards.
Bloomberg: «something extraordinary» must happen for the bitcoin to become cheaper
Bloomberg strategist Mike McGlown thinks that only something «extraordinary» can stop the growth of the BTC price.
He notes that the width of the Bollinger band indicator is at the same point where it was before the beginning of the pump in 2015. It indicates that maximum fall of the volatility level, which is usually followed by a quick rise in the price.
“Demand and adoption metrics remain favorable vs. the crypto asset’s unique attribute of fixed supply”, McGlown writes.
Bloomberg also points out the correlation between the bitcoin and gold charts. If the metal renews its highs, it may provoke the explosive growth of the cryptocurrency price.