Matter Of Weeks Separate BTC From Hitting $100,000: Price Analysis

It’s only a matter of weeks time that separate BTC from hitting the $100,000 price point according to one analyst as the bulls took over control of the price action and send the cryptocurrency surging towards $41,000 as we reported in our Bitcoin news.

The coin has since retraced a little but it is still looking quite strong and could be in a position for a stronger rally in the near-term. Each retrace seems to be providing more fuel for continued momentum which is usually a sign that the bulls are in full control of the mid-term. Where will the market trend next depends on whether or not the bulls are able to protect from a deeper retrace in the near-term. One analyst noted that BTC could soon breach $50,000 which he called the first serious barrier before it hits $100,000 in a matter of weeks time.

BTC and the entire crypto market moved higher today with the bulls taking full control of the market as they extended the momentum which was seen over the past few weeks. The price action seen today speaks to the overwhelming strength that the bulls have over the market at the current moment.  Whether or not it can be sustained will offer more insights into the stage of the rally.
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One trader expects a move towards $100,000 in the near future noting that a break above the $50,000 could accelerate this rally. At the time of writing, BTC was trading over 6% of the price at $39,000 which marks a dip from the daily highs of $40,000. After the levels were hit, the cryptocurrency tanked to lows of $36,000 in a drop which was absorbed by the buyers and the crypto rallied all the way back to current price levels.

The volatility is not abnormal with these conditions and we could expect it again in the weeks and months that are coming. One trader explained that he is closely watching to see if BTC is able to break above $50,000 since this is the last psychological barrier before $100,000. Breaking above this level could lead to an accelerated rally towards the six-figure price level:

 “Already closed the $BTC charts when we went above 20k. I see no point in watching. First psychological resistance is $50k and if we break that $100k will come in a matter of weeks. No need to complicate.”

The upcoming few days could give use some more light on where the market will trend next as Bitcoin’s current volatility will shape the mid-term trend.