Bitcoin Can Still Ignite Parabolic Rally To $100,000 This Year
There is a lot of talk of Bitcoin going lower than the high $30,000 range we have been in and even going as low as $28,000 but if pressed I really don’t think we are going anywhre below $30,000 if even that but in fact, much higher. Here’s Credible’s take on things:
“The expectations for the sweep of these lows the same way that we swept these highs ($69,000) is a very logical one… And even if we were to make such a move, our structure remains intact. We still have a high, a low, a higher high [and] a higher low. I’d still expect continuation.”
Although the crypto analyst believes a move to $28,000 is within the realm of possibility, he sees Bitcoin taking another route.
“In strong uptrends, we tend to see higher lows formed, and we tend to not get these what would normally be very seemingly obvious sweeps of key levels during aggressive uptrends. Again, in 2017, examples of that are plenty.”
According to the crypto strategist, the lack of bullish momentum is setting up BTC for one final push above $100,000.
“I’m expecting $100,000 for the fifth wave, and when it does complete, wherever that may be above $100,00… I think we’ll probably fall somewhere between $100,000 and $200,000 realistically…
But the point being is that these lows that are built up, we don’t need to take them now. We could very well continue up for the fifth wave.”