When will Bitcoin reach 100K?
With Bitcoin resuming its bearish trend, people are worried Bitcoin will never reach 100K.
November 2022 update!
Even though Bitcoin finds itself in a deep, bearish trend, I still personally still believe that Bitcoin reaching 100K is inevitable.
That's right.
For me, it’s still no longer a matter of if Bitcoin will reach 100K.
But when.
In this explainer, I take another look at the Bitcoin daily chart (BTC/USD) and let me use it to explain why I'm probably not as bearish as the rest of the crypto universe.
Let's jump right in.
Bitcoin is still on its way 100K
The fact of the matter is that right now, we're a LONG way from Bitcoin reaching the magical 100K mark.
But when you take a closer look, you see that the emotion you likely feel at this point in the bear market isn't reflected as chaos on the chart.
Here's the Bitcoin daily:
Bitcoin (BTC/USD) Daily:
See what I mean?
Price has still been orderly stopping and respecting support/resistance levels at all of the major psychological levels on the way down.
While there are big gaps between them, you have to remember that this is crypto we're trading.
Bitcoin is volatile!
If you want the volatility to the upside, then you also have to take it to the downside.
That's just how this game works and right now we're unfortunately seeing volatility to the downside.
When the market turns, we're just as likely to see price reactivate resistance as support and rip higher through those huge spaces.
Remember, bear markets can be quickly erased when the tide turns.
When you learn what Bitcoin is, you’ll soon see that its deflationary supply mixed with where we are in the adoption cycle means that HODLing truly is the best strategy for retail investors.
In my opinion, Bitcoin going to 100K is inevitable.
And no matter where you buy from now, you will always make money if you HODL.
The importance of psychological levels like Bitcoin at 100K
Psychological levels such as round numbers in price are almost always used and respected as support/resistance.
The more round and exciting the number sounds to your human ears, then the more likely it is to be a significant level for both bulls and bears.
Ethereum reaching 5K is exciting and Bitcoin reaching 100K is truly intoxicating.
Right?
Well, we’re only human after all.
Psychological price levels such as this 100k target in Bitcoin are important because the human mind is a simple thing.
They’re easy to relate to, so traders place their orders around them.
What this does is ensure that they’re somewhat of a self-fulfilling prophecy.
Final thoughts on Bitcoin to 100K
Let’s wrap things up with the same energy that we started things off with.
It’s no longer a matter of if Bitcoin will reach 100K, but when.
So if you're already here in our community, don't be the one who lets the opportunity of our lifetime slip through your fingers.
BTMFD!
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on the Bitcoin support levels that matter heading into August 2021, within the comments section below? All comments that add something to the discussion will be upvoted.
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