This past week was a hopeful one for the whole cryptocurrency market. Bitcoin price managed to get out of its previous consolidation period, and entered a new one. Can Bitcoin reach 100k?
Many have been asking if NOW is a good time to buy Bitcoin. This question in fact in the very same reason why most people still don’t hold Bitcoins. In fact, if we take into account only the past year, those people missed more than a 1,500% price increase, just “looking” at Bitcoin charts and wondering if NOW is a good time to buy. If you’re looking at a longer-term timeframe, the time to buy is NOW. JP Morgan estimates Bitcoin Prices to reach USD 500,000 based on a Gold Valuation. So now we ask again, is now a good time to Buy Bitcoins?
Bitcoin Prices are on an UPTREND
Whenever traders assess if NOW is a good time to enter the market, the first technical indicator would be to look at the price trend. This entails if the price is mainly going up or down in a certain time frame. Currently, Bitcoin is on a clear path upwards. In a previous article, we specifically detailed how prices would react, and we drew a path in green (figure 2). Looking at that graph, Bitcoin behaved the exact same way we predicted.
Bitcoin Price Prediction – Can Bitcoin reach 100k?
Great question, we hope you haven’t been asking yourself that question for the past year! Well, if we look at today’s prices, you can perform this following strategy:
- Enter Current Prices: USD 55,100
- Set Stop-Loss: USD 53,000
- Take-Profit Level: USD 60,000 (or keep it open for that USD 500,000 valuation 😉 )
- Risk/Reward: 1 : 2.2
Can Bitcoin reach 100K? Definitely in the long run, that’s what JP Morgan calculated anyway using the Gold Valuation, which it predicts a price of Half a million. So 100K is nothing. We reach a price above 55K from 3K only in 1 year…How can someone even think otherwise?
The Crypto Market as a Whole
In the past 24 hours, most cryptocurrencies adjusted in their prices after 5 days of gains. Bitcoin’s market cap is back a bit over USD 1 Trillion.
1- Bitcoin (BTC) : + 0.48 %
2- Ether (ETH) : – 3.99 %
3- Binance Coin (BNB): – 2.20 %
4- Tether (USDT) : 0 % (surpassing Cardano)
5- Cardano (ADA) : – 4.69 %
6- Polkadot (DOT) : – 4.88 %
7- Ripple (XRP) : – 4.36 %
8- Uniswap (UNI) : – 5.41 %
9- Litecoin (LTC): – 2.18 %
10- Chainlink (LINK) : – 4.74 %
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