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Bitcoin’s next push could send BTC to $100,000 in 30 days
Bitcoin (BTC) has been trading in a four-month consolidation range since February 28, which has caused uncertainty among investors. However, a leading trader, Credible Crypto, believes that Bitcoin could reach $100,000 within 30 days of the start of the next surge.
The professional analyst, who now goes by the name CrediBULL Crypto due to his current profile bullish bias, still sees a bright future. According to a recent job on Xthe trader doubled down on his positive outlook, making a bold price prediction.
In particular, he highlighted Bitcoin’s previous momentum, which sent the leader cryptocurrencyPriced from $38,514 to $73,805. Notably, this initial boost lasted for 50 days, with gains of 91% accumulated from January 23 to March 13.
BTC/USD daily price chart, impulse 1. Source: TradingView
Bitcoin Price Analysis and $100,000 Target
“Following impulses should be even more aggressive, and we are trading at 64k. Our next push could send us to 100,000 within 30 days, and we still have about 6 months until EOY.
– Credible Crypto (CrediBULL Crypto)
Credible Crypto’s forecasts are based on the Elliott Waves theory, which is popular among technical analysts in trend analyses. The theory says that a bull market is made up of five waves, three of which are “impulse” waves. Usually, the third wave is the most aggressive, allowing for higher gains in a shorter period of time.
With Bitcoin trading at $64,260, a rally to $100,000 would result in gains of 55%, lower than expected. However, the “$100,000” level marks an important turning point. psychological resistance and a goal that many investors hope to achieve. This could create selling pressure in this price zone, thereby slowing down the third wave.
Interestingly, competing traders have already planned their exit strategy, aiming for the $130,000 level as an initial target. Others, like Alan Santana, believe in a continuation of the uptrend to $150,000 per BTC.
On the other hand, Bitcoin has shown signals of weakness from a fundamental perspective. For example, miners capitulated and sold at a faster rate after years of working underwater. Therefore, these analysts’ projections will depend on positive developments and fundamental improvements for the leading cryptocurrency facing strong competition.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.