Price Prediction: BTC Fires Up The Rocket Ship To $100,000 Says Crypto Analyst

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Price Prediction: BTC Fires Up The Rocket Ship To $100,000 Says Crypto Analyst

  • Bitcoin has just entered into the fourth parabolic phase dating back to 2010.
  • An upward movement in the short-term will require a mega boost by a catalyst or a technical breakout.

Bitcoin investors are advised to look at the long-term timeframe charts instead of fretting over short-term fluctuations. However, for day traders, short-term movements are key to making a profit and also to avoid getting stuck in one position longer than necessary.

As for Peter Brandt, a renowned trader, and analyst, Bitcoin has just entered the fourth parabolic phase dating back to 2010. He adds that BTC has $100,000 in focus and all the indicators of past parabolic phases have aligned for next rally.

Bitcoin Price Technical Picture

A glance at Bitcoin’s short-term one-hour chart, we see an asset that is sliding into a sideways range. The recovery from the recent low sustained the trend within a gradually ascending channel. However, no significant movement occurred above $9,800. A situation that led to a retracement towards new short-term support at $9,750.

BTC/USD 1-Hour Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

At press time, Bitcoin is teetering at $9,775 where the price action is capped within a narrow range; $9,800-$9,750. From a technical perspective, Bitcoin is likely to continue trending sideways in the short-term.

The Relative Strength Index (RSI) at 61.56 is leveling after the retreat from the overbought during the weekend session. As long as the RSI remains in the current range, BTC/USD could hold within the range longer. The upward movement will require a mega boost from a catalyst or a technical breakout.

The Moving Average Convergence Divergence (MACD) suggests that the buyers have the upper hand despite the retreat from levels above $9,800. The indicator’s divergence will also signal next direction BTC will take after breaking out of the narrow range.

Bitcoin Key Technical Levels

Spot rate: $9,775

Support areas: $9,750, $9,600 and $9,400 – $9,200.

Resistance zones: $9,800, $10,000 and $10,400.

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Price Prediction: BTC Fires Up The Rocket Ship To $100,000 Says Crypto Analyst
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Price Prediction: BTC Fires Up The Rocket Ship To $100,000 Says Crypto Analyst
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Bitcoin has just entered into the fourth parabolic phase dating back to 2010. Upward movement in the short-term will require a mega boost by a catalyst or a technical breakout.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 206 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @