Is $100K Bitcoin Inevitable? This Expert Say ‘Yes’—Find Out When
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As Bitcoin teeters close to its previous peak, discussions about its next big price targets have reignited. Among the voices contributing to this conversation is Samson Mow, the CEO of Jan3 and a prominent Bitcoin advocate. Recently, on X (formerly Twitter), Mow expressed his belief in Bitcoin’s imminent rise to $100,000, a milestone he sees as a stepping stone toward an eventual value of $1 million. His forecast is based on events triggered by breaking past the all-time high of $73,750 in March. Related Reading Critical Factors To Drive Bitcoin Price To $100k Target Mow outlines a cause-and-effect scenario that could catapult Bitcoin to these new heights. First, surpassing the previous all-time high would initiate a “recursive Bitcoin demand shock,” as increased demand and limited supply drive prices upward rapidly. According to Mow, this chain reaction could swiftly elevate Bitcoin to the $100,000 mark. Once we surpass the previous #Bitcoin ATH, recursive demand shock kicks in and it’s up all the way to $0.1M. — Samson Mow (@Excellion) June 5, 2024 His confidence is mirrored in the recent market behavior. Despite a minor pullback from its 24-hour peak of $71,312, Bitcoin has maintained an upward trajectory, gaining 1.7% in the past 24 hours and nearly 5% over the past week. BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com Supporting Mow’s optimistic outlook, Chris Vermeulen, Chief Market Strategist of The Technical Traders.com, shares a technical perspective that aligns with Mow’s predictions. In a detailed analysis, Vermeulen pointed out a cup and handle formation on the chart, a bullish signal suggesting significant potential for an upward breakout. He uses Fibonacci extensions to project that Bitcoin could soon reach targets of $80,000 to $90,000, possibly climbing as high as $106,000. Market Dynamics And Long-Term Prospects Both experts view the…
Filed under: News - @ June 6, 2024 8:22 am