Bitcoin Price Outlook: $100,000 Target in Case of Big Technical Breakout

• According to technical analyst JC Parets, the price of bitcoin could increase by 40% to reach $100,000.
• Parets said the longer bitcoin trades above $70,000, the more likely a breakout is to occur.
• “I think if he’s a 70 level, if you’re above 70, I think you own him for a trade and more,” Parets said.

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Bitcoin is on the verge of a major technical breakout if it can break out of its previous record high of around $73,800.

According to technical analyst JC Parets of AllStarCharts, the longer bitcoin trades above $70,000, the more likely it is to reach $100,000.

The cryptocurrency was trading at $71,312 as of 10:16 a.m. ET.

“We were the idea [bitcoin] we would have arrived at [$]47[,000]take a break, go to [$]70[,000]take a break, and then eventually move on to aa [$]100[,000]” Parets said on an episode of the Trends with Friends podcast late last month.

So far so good, according to Parets.

“Well, we have to do it [$]47[,000], we took a break. We exploded, we have to do it [$]70[,000], we’re taking a break. As if this were perfectly normal. There are some types of steps along the way. I think if he’s a 70 level, if you’re above 70, I think you own him for a trade and more,” Parets said.

A $100,000 price target for bitcoin represents a potential 40% upside from current levels.

“I think ultimately we can go higher than that, but this is kind of the next step. But step one, now we have to get above these levels. I don’t know how long it’s going to take. It might take weeks, it might take months, it might take It will take years. It still has to absorb the overhead, so we’ll see how long it takes,” Parets said.

The price of bitcoin has risen over the past year after recovering from a brutal bear market in 2022.

Now the cryptocurrency is forming a classical technical pattern, called a “cup and handle”.

This is a bullish pattern that resembles a cup, formed by a base pattern that generally resembles a “U”, followed by a handle formed by a short-term downtrend.

Once a stock crosses the threshold, a technical analyst will purchase the stock. This pattern usually extends an already ongoing uptrend.

A trader could generate a measured moving price target by measuring the depth of the cup in the price and adding that amount to the cup lid.

In the case of bitcoin, it has a measured price movement target of around $130,000 if the bullish cup-and-handle pattern materializes.

TradingView, Business Insider

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