According to Bloomberg Intelligence’s February Crypto Outlook, the next key threshold for Bitcoin’s price could be the $100.000 mark.
#Bitcoin may be uniquely situated for enduring price appreciation. Well on its way to becoming global digital collateral, the first-born crypto launched a revolution in the digitalization of finance, which appears in its early days. Crypto Outlook, Feb.: https://t.co/sfC7OpKK0w pic.twitter.com/Vl14fYWDXG
— Mike McGlone (@mikemcglone11) February 6, 2022
Bitcoin heading for $100,000
The Crypto Outlook was published a few days ago and shows a chart according to which Bitcoin’s price trend is still growing, moving towards $100,000.
The report states that Bitcoin’s price is more likely to form a low at $30,000 than a high at $60,000, such that “range traders accustomed to $30,000-$60,000 may be disappointed”.
In other words, although the chart clearly shows that since January 2021 the price range to which BTC has been subjected has been between $30,000 and $60,000, the future trend is higher.
The new ceiling could be just under $100,000.
Bloomberg’s analysis
According to analysts at Bloomberg Intelligence, the current period of consolidation may be coming to an end, with the path of least resistance now pointing higher.
They write:
“Top of Bitcoin Range Moving Toward $100,000 Range traders often provide market liquidity but can aggravate extremes. Short holders seeking to cover or new long positions expecting $30,000 may be disappointed, and $60,000 resistance appears less enduring than in November”.
Other analysts also agree that the current period of price fluctuation between around $30,000 and around $60,000, which has been going on for over a year, may soon come to an end, but not a few are predicting a drop below $20,000. In fact, not many analysts are predicting an upward break above $60,000.
It is worth noting, however, that many believe that the benchmark for this fourth Bitcoin cycle will be the $100,000 that many expected in 2021, but which has not yet arrived. Bloomberg Intelligence’s hypothesis is that this level could be reached in the coming months, as it was not reached last year.
Source: https://en.cryptonomist.ch/2022/02/09/bitcoin-bloomberg-intelligence-says-next-milestone-is-100-000/