Bitcoin price target raised to $100,000 by Fundstrat’s David Grider

Contents

Tireless Bitcoin Targets $ 20,000 Again
CONTENT

  • Bitcoin fights $ 19,400 resistance.

  • The price moves along the upward support line.

  • BTC made a bullish breakout of the symmetrical triangle on the short-term chart.

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The bitcoin rate made an attempt to rise above the $ 19,400 area, could not gain a foothold above it, but decided to try again to break this level.

At the time of writing, the bitcoin (BTC) rate has tried to attack this area again after a bullish breakout from a short-term price pattern.

Bitcoin peeked behind resistance

The BTC rate faced resistance at $ 19,400 on November 24, which provoked a sharp pullback and further did not let the pair go up.

After the market formed a local low on November 26, Bitcoin grew and, as a result, on December 1, it tried to break above this resistance area by $ 19,400.

Tireless Bitcoin Targets $ 20,000 Again

The chart also shows that BTC is moving along the upward support line, which, together with this resistance area, forms an ascending triangle.

MACD and RSI indicators are bullish, supporting the likelihood of continued gains and – ultimately – a bullish breakout, which could push the price to new all-time highs.

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MTC schedule. Source: TradingView

Short-term bullish breakout

On the 2-hour chart, BTC is in the process of breaking out of the symmetrical triangle.

Tireless Bitcoin Targets $ 20,000 Again

If the size of the move of such a breakout is equal to the entire height of the pattern, then the price may be in the region of $ 20,500.

The RSI finally broke above the 50 mark, while the MACD rallies and holds above 0, also indicating the possibility of a bullish breakout.

MTC schedule. Source: TradingView

What’s next

Wave analysis since the November 26 price drop suggests the market is in the 5th sub-wave (red on the chart) of the 5th wave (black).

The most likely level to form the top of this move is the $ 21,733- $ 21,949 area.

Tireless Bitcoin Targets $ 20,000 Again

We highlighted it using the Fibo 4.61 level of the extension of subwave 1, as well as the projection of the length of subwaves 1-3 to the base of subwave 4.

MTC schedule. Source: TradingView

Conclusion

Thus, if the bitcoin rate is able to make a pure bullish breakout of the triangle in which it is currently being traded, the price may continue to rise and break above the $ 20,000 mark.

You can read the previous Bitcoin forecast here.

Disclaimer: Cryptocurrency trading carries a high level of risk and is not suitable for all investors.

Tireless Bitcoin Targets $ 20,000 Again

The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

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