The price of Bitcoin (BTC) is expected to reach 100,000 dollars, breaking through the traditional bullish structure.
This structure, known as the "triangle of bullishness," represents the overall period and convergence trend of the price plate after a strong rise.It eventually pushes prices to break through in the direction of previous trends, eventually reaching levels usually as high as the initial large fluctuations.
The cryptocurrency appears to have been moving within a similar consolidation structure on the Bitcoin weekly chart, with prices rising strongly.followed by fluctuations in a structure similar to a triangle.
early October 13.5 percent last week, breaking the upward trend of this structure, and trading volume also rose.Therefore, Bitcoin's breakthrough suggests that it is likely to grow at a previous trend (nearly $50,000).
In terms of the breakthrough point (about $48,200), the upward target for the "triangle of bullishness" is thus $50,000, or nearly $100,000.
Other Forecasts
After many observers predicted that Bitcoin would be valued at six digits, the technology trend would be valued at $100,000 for Bitcoin.
A research team led by Geoffrey Kendrick, global director of global emerging market currency research at Standard Chartered Bank, estimates that the BTC will reach $100,000 early next year.They point out that bitcoin does.It could be a "major peer-to-peer payment method for global bankless account users," which is why they are forecasting an upward trend.
Gokhstein Media and David Gokhstein, founder of PAC Global, also imagine that bitcoin will exceed $100,000 by the end of 2021.The executive sees Bitcoin's prospects as based on available fiat money liquidity, which he says has prompted key Wall Street players to buy.
"Not everyone publicly tells you they are buying Bitcoin, but they are buying it," Gokhstein told Business Insider.
"There is too much money in the market.It's too much money. The organization didn't come here for five minutes."
The announcement came shortly after George Soros' investment firm revealed at a Bloomberg event that the cryptocurrency's ownership of Bitcoin caused the price of the cryptocurrency to skyrocket.The latest report from JPMorgan Chase showed that the gold and the gold were different.Corporate investors prefer Bitcoin to inflation hedging.
In an early study released in May, JPMorgan predicted Bitcoin would reach $140,000 in the long run.
There's a rise in possession.
The index on the chain highlighted an increase in bitcoin traders' holding sentiment.
In detail, according to the data provided by blockchain parser CryptoQuant, bitcoin reserves held by all cryptocurrency exchanges have recently fallen to the lowest level in a year.This drop is indicative of traders.They tend to hold bitcoin tokens rather than use them to trade other fiat/digital properties.
Thus, a decline in bitcoin balances on exchanges usually accompanies an increase in bitcoin prices.
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