‘Sit Back And Enjoy’: Renowned Analyst Says Bitcoin Will Blast Through $100,000 In 21 Days
Bitcoin (BTC) jumped above $72,000 on March 11, setting a new lifetime high and flipping silver to become the eighth-largest asset by market cap.
Does this mean that the BTC price is on track to hit $100,000 soon? Analyst Crypto Rover is convinced the premier cryptocurrency will reach the $100K milestone within the next 21 days.
Bitcoin Six-Figure Possibility
After multiple test runs, the price of Bitcoin has officially zoomed past its all-time high and is now threatening to leave previous records in the dust. Bitcoin broke above $71,000 earlier today, and analysts are now gauging what’s next.
Known to his 701,900 X followers as Crypto Clover, the analyst noted that those in the know understand the pattern that once Bitcoin exceeds its all-time high (ATH), it typically reaches the 1.618 Fibonacci extension, which is around $102,134, within the space of 21 days. The strategist suggested that BTC holders should relax and witness the imminent ascent to the coveted $100K mark.
If you know, you know.
Once #Bitcoin breaks above its ATH, it historically only hits the 1.618 fib extension ($102,134) within 21 days.
Sit back and enjoy the pump to $100k. pic.twitter.com/wr23lFKaaW
— Crypto Rover (@rovercrc) March 11, 2024
Bitcoin’s bullish momentum can largely be attributed to mainstream acceptance and increased institutional interest generated by the slew of U.S.-based spot Bitcoin exchange-traded funds (ETFs) launched in January.
The Mechanics Behind The Surge
Bitcoin’s price rise on Monday came as the U.K.’s Financial Conduct Authority became the latest regulator to pave the way for institutional investors to create crypto-backed exchange-traded notes. The London Stock Exchange (LSE) later confirmed that it would start accepting applications for Bitcoin and Ethereum crypto exchange-traded notes (ETNs) in the second quarter of 2024.
As you already know, the supply of Bitcoin, which is limited to 21 million tokens, is going to get tighter in mid-April when the network undergoes halving. Roughly every four years, the rate at which new BTC supply is released into circulation, as well as the reward for miners, is slashed by 50%. The decreasing supply against a backdrop of increasing demand tends to ignite a parabolic price rally.
As the countdown to $100K BTC commences, industry pundits and traders alike are monitoring the crypto’s price movement closely. Should Crypto Rover’s optimistic forecast come true, the coming 21 days might be crucial in fortifying Bitcoin’s standing as a pioneer in digital finance. With Bitcoin’s solid fundamentals, the run to $100,000 may very well be around the corner, ushering in a new era in cryptocurrency investment.
Filed under: Bitcoin - @ March 11, 2024 2:19 pm