Bitcoin worth $ 100,000 soon? What is important now

The preliminary decision is still a long time coming. Bitcoin (BTC) continues to trend sideways this trading week. The directionlessness of the crypto reserve currency ensures significant price jumps in the Altcoin sector.

Bitcoin (BTC): decision on direction postponed for the time being

BTC course: 61,921 USD (previous week: 59,182 USD)

Resistance / goals: $ 64,896, $ 67,000, $ 67,416, $ 69,660, $ 70,856, $ 76,472, $ 77,678, $ 85,563, $ 87,090, $ 89,982, $ 100,259, $ 114,961

Supports: $ 61,771, $ 60,339, $ 59,518, $ 57,998, $ 55,817, $ 54,077, $ 53,005, $ 51,307, $ 49,555, $ 48,222, $ 47,070, $ 45,292, $ 42,855, $ 40,585, $ 39,240

The Bitcoin price continues to consolidate above USD 59,518 and forms higher lows in the daily chart. As discussed in the previous week’s analysis, Bitcoin can stabilize further above the key support at USD 57,998. Thus, despite the current breather, the trend is still in tact for the time being. This solidified the range between USD 64,000 and USD 59,518 in the last few days of trading. From a chart-technical point of view, such a range training is completely normal. The fact that large investors are withdrawing their Bitcoin holdings from the stock exchanges and relocating them to cold wallets should be considered bullish for the price development. Only yesterday Tuesday were from the crypto exchange Coinbase 19,000 BTC withdrawn and moved to a cold storage wallet.

Institutional investors therefore see a positive price development as likely in the coming months. The bulls’ goal should be to push the BTC rate back above USD 54,896 at the daily closing rate. On the downside, Bitcoin is well hedged at $ 57,998. In addition to the previous week’s low, the lower Bollinger Band can also be found here in the daily chart. Even a retest of USD 55,970 can still be viewed as unproblematic in the medium term.

Bullish scenario (Bitcoin price)

The Bitcoin price is not moving properly and is still trending sideways for the time being. This is also clearly evident in the decline in Bitcoin dominance. Before Bitcoin hits its peak again, investors use the consolidation of the BTC rate for investments in Altcoins. Only when the BTC rate dynamically overcomes USD 64,000 is another attack towards USD 64,896 likely. A stabilization above the old all-time high should bring Bitcoin back to its high of $ 67,000. If the 138 Fibonacci extension at USD 67,416 is subsequently overcome, a break through in the direction of the resistance at USD 69,660 and USD 70,856 is to be expected. Reaching the 161 Fibonacci extension at USD 70,856 should be used by early investors for profit-taking.

The path to the next milestone at $ 100,000

If there are no sustained price setbacks at this price mark and Bitcoin does not fall below its previous high of USD 67,000, the chances of a march through to the next relevant target range between USD 76,472 and USD 77,678 increase. Once again, investors will realize profits. If Bitcoin can subsequently assert itself above USD 70,856, the overarching target zone between USD 87,090 and USD 89,982 will come into focus as the next important resistance level. If the bulls manage to break through this zone dynamically, Bitcoin should target the 361 Fibonacci extension at USD 100,259.

When this target is reached, the much-cited price mark of USD 100,000 would also have been processed. Increased profit-taking should come as no surprise here. With a look at the order book of the exchange Binance.com there are many sales orders on this psychological brand. If the buyer’s stock can stabilize the price above USD 100,000 in perspective, a price increase up to the overarching price target of USD 114,961 (461 Fibonacci extension) in the next six trading months cannot be ruled out.

Bearish scenario (Bitcoin price)

The seller’s side managed to cap the BTC rate below USD 64,896 this week as well. Every attempt to climb has been countered so far. The bears are not getting tired for now and are trying to push Bitcoin back below USD 61,771 at press time. If this support is abandoned, a relapse to the EMA20 (red) at USD 60,339 is likely. If this sliding support can also be broken by the daily closing price, and the lower edge of the red zone at USD 59,518 does not give a hold, a renewed sell-off back to the support at USD 57,998 should be planned. In addition to the previous week’s low, the lower Bollinger Band also runs here. Once again, more new buyers are likely to come into the market and stabilize the price. Conversely, should the bears pulverize the support at USD 57,998 this time around, an immediate relapse to USD 55,817 is likely.

With the EMA50 (orange) and the Supertrend, there are two strong supports at this support level. A ricochet to the north must therefore be firmly planned. If the seller side can maintain the selling pressure and dynamically sell BTC below USD 55,817, the orange support area between USD 54,077 and USD 53,005 will move into the focus of investors. The orange area represents the breakout level of the bullish move up to the high of $ 67,000. Increased resistance from the bulls is therefore likely. If, contrary to expectations, this support zone breaks significantly, the correction extends into the blue support zone between USD 51,307 and USD 49,555. However, a direct relapse to USD 48,222 is also conceivable.


From here on it gets tricky

This price mark has been of great importance over and over again in recent months. A relapse below this significantly increases the chances of widening the correction. If Bitcoin falls below this strong support level at the daily closing price, the next price target is activated at USD 47,070. The EMA200 (blue) is currently running here, which is why a ricochet is to be expected on the first touch. If the bulls give up this support level as well, the correction extends immediately to USD 45,292. Here you can find the MA200 (green), which is to be rated as an important indicator. If the bulls shine here with abstinence and do not stabilize the BTC rate sustainably, an expansion of the correction to USD 42,855 or even USD 40,585 should be planned.

The retest of the low from September 2021 should represent a good entry level for many investors. A short price spike of up to USD 39,240 is conceivable. Should this zone also fail to hold around USD 40,000, all bullish price fantasies must be buried immediately. As a result, Bitcoin could go into hibernation and correct to USD 30,000 or below in the long term. As already mentioned several times, the area around USD 48,222 per day’s closing price has to be defended by the bulls in order not to lose sight of the overarching target price of USD 100,000.

Bitcoin dominance: price correction ensures rising altcoin prices

Bitcoin dominance based on values ​​of Cryptocap shown

The bullish upward movement of the BTC dominance has stopped for the time being. In the last seven trading days, the market dominance fell back below the cross-support from Supertrend and EMA50 (orange) at 44.25 percent and marked a new low at 43.10 percentage points on Wednesday. For the time being, the Bitcoin dominance can remain in the red box. Whether the Bitcoin bulls can strike back or whether the dominance slips further towards 42.99 percent or even to the breakout level at 42.45 percent should be seen in the coming trading days. A widening correction should further boost the altcoin prices.

BTC Dominance: Bullish Scenario

Support in the range between 44.54 percent and 44.25 percentage points could not be defended by the bulls. As long as the Bitcoin dominance stabilizes above the 42.99 percent and especially above the 42.45 percent, a renewed attempt to increase in the direction of the strong resistance at 44.25 percent is conceivable. Only when it is possible to climb back to the top of the red box and thus recapture the EMA20 (red) and MA200 (green) can a renewed increase of up to 45.71 percent and beyond be planned. If this resistance can also be regained by the daily closing price, a directional decision is made at 46.74 percent. With EMA200 (blue) and Supertrend, there are two strong resistances at this price level. If the BTC dominance manages to break through this resistance level, the trend high at 47.72 percent comes back into focus.

If this resist is also broken through dynamically, a march through to the orange resistance zone must be planned. The increase target of between 48.67 percent and 49.26 percent continues to function as a medium-term target for the time being. As long as the high of July 30, 2021 is not recaptured in the long term, the dominance of the crypto reserve currency will continue to move in a 22 percent sideways range. Only when the market dominance can sustainably break through the 49.26 percent will the BTC dominance target the zone between 50.00 percent and 50.97 percent. The probability of a subsequent increase in the gray resistance area between 52.19 percent and 53.16 percent would be much more likely. In order to be able to realize this scenario, however, the Bitcoin price must also move towards the next jump towards USD 70,000 and above in order to regain market dominance from the altcoins in the long term.

BTC Dominance: Bearish Scenario

The BTC dominance continues to lose its feathers this week. The ongoing sideways correction of the crypto reserve currency is causing investors to continue to invest in Altcoins. The abandonment of the key support from Supertrend and EMA50 at 44.25 percent resulted in a significant correction expansion. If the Bitcoin dominance slips dynamically below 42.99 percent and then falls back below 42.45 percent, a relapse to the October low of 41.13 percentage points is likely. Bitcoin bulls must do everything in their power to stabilize the course in order to avert a breakaway of up to 40.66 percent.

Such a weakness increases the probability of a retest of the 40 percent mark noticeably. Then the annual low of 39.66 percent comes back into focus as the last possible reversal level. Should there be a clear break in this overarching trend low, the BTC dominance will continue to lose its hold and fall back to 37.67 percent. Only when the BTC dominance gives up the area around 42.45 percent on a sustained basis should a relapse to the annual low be considered.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.86 euros.


source site