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๐Ÿ“ˆ Daily TA: BTC to reach $100K? (BTC/USD) | 19-10-2021

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cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to about the potential price target of Bitcoin in the mid-term.

So, in the daily chart (1D), BTC/USD is testing the previous local high or actually all-time high at the level of approximately $64,000-$65,000. And I would say that we can consider the price chart of Bitcoin starting from January 2021 as a consolidation range or one floor (as some traders like to say): The first floor or the current consolidation range has been between approximately $30,000 and $65,000. Or the floor has a height (H1) of $35K. Now, the price of Bitcoin is testing the ceiling of the current floor. If a breakout takes place then BTC/USD will enter the next potential floor. If we apply the same height to the second floor (this is what usually traders do) or this means that we have to add $35K to the ceiling of the current floor or $65,000 then we will receive $100,000 ($100K). So, $100K is the ceiling of the next floor because the new floor should have a height H2 equal to H1. To put it in a nutshell, $100K is the potential price target the traders will set if BTC surpasses the current all-time high and continues to increase. Actually, @forexbrokr published a post earlier today where he said that the next reasonable price target for Bitcoin is $100K as well.

To be continued ...

As of the time of writing, one BTC costs $63,524 on the Coinbase crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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