Cryptocurrency expert Timothy Peterson projects Bitcoin could soar to $135,000 within the next 100 days. This prediction hinges on the recent spike in the VIX, often called the “fear index,” which surpassed 56 in April. Historical trends reveal that technology stocks have consistently rebounded strongly following such VIX surges. Bitcoin seems to be mirroring this behavior and is expected to gain significant momentum once the VIX recedes below 18, signaling renewed interest in riskier investments.
How Did the VIX Affect Bitcoin Prices?
The VIX’s leap above 56 in April is a rare occurrence, last observed during the financial crisis of 2008 and the pandemic-related crash in 2020. Following these events, the Nasdaq index experienced a 10% boost in the initial week and about a 40% rise over the ensuing 100 trading days.
Peterson draws a parallel between Bitcoin’s and the Nasdaq’s recovery paths, noting a striking 95% similarity. He anticipates Bitcoin could see even greater gains when investors become less risk-averse. Bitcoin’s inherent volatility compared to conventional tech stocks suggests these potential upward movements could be more substantial.
Will Bitcoin Reach $135,000 in 100 Days?
If the VIX drops beneath the critical 18 mark, Peterson predicts the markets will enter a “risk-on” phase, where Bitcoin might initially aim for the $107,000 threshold. With sustained low volatility in the “fear index,” the $135,000 target within 100 days appears achievable. Nonetheless, investors are advised to remain vigilant about possible abrupt market mood shifts despite supporting historical analyses.
At present, Bitcoin is valued at approximately $96,296, with an estimated market cap of $1.9 trillion. The first support level is around $95,173, reinforced after April’s peak. If prices remain above this, resistance levels are identified at $99,000 and between $110,000-$115,000. Maintaining positions above the Kijun line assures a positive medium-term outlook.
Should Peterson’s optimistic scenario materialize, Bitcoin might advance into a new territory of price exploration, rebounding from a recently established “local bottom.” However, factors such as economic strains, regulatory developments, and liquidity shifts could introduce volatility.
Concrete observations include:
- Current Bitcoin trading price: around $96,296
- Initial price resistance: $95,173
- Potential resistance levels: $99,000 and $110,000-$115,000
- Market strategic position above the Kijun line
A cautiously optimistic outlook for Bitcoin suggests a possible breakthrough amid favorable market conditions. Investors should keep an eye on macroeconomic indicators and regulatory news that might influence movements in the cryptocurrency sphere.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-targets-skyward-as-optimism-grows