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Technical analyst targets “Bitcoin to trade near 100k in the next weeks”

Technical analyst targets “Bitcoin to trade near 100k in the next weeks”
Jordan
Major
7 months ago
3 mins read


After a minor flash collapse on Wednesday, November 10, knocked the price of Bitcoin (BTC) down from an all-time high of $68,742, the digital asset looks to be settling around the $66,000 level.

Meanwhile, Ethereum seems to be stabilizing around the $4,700 mark at the time of publishing. ETH address activity increased by about 50% in October, amid increased demand for the decentralized cryptocurrency.

Currently, the flagship digital asset BTC is trading at $65,746, up 1.44% in the last 24 hours and 0.84% over the previous week, with a market cap over $1.2 trillion, as per CoinMarketCap statistics.

BTC 7-day price chart. Source: CoinMarketCap.com

Crypto trading experts opinion

A divided opinion exists among experts as to the route in which Bitcoin will go from here, with some expecting that the price increase is just getting started, while others believe that the price is predestined to see a massive decline at some point in the future.

However, certified technical analyst Crypto Birb stated with BTC trading above its weekly 50-week average that:

“My $BTC targets are set. Expecting #Bitcoin to trade near $100k in the next weeks. And yes, I’m serious. What we’re about to witness will change many lives forever.”

Crypto Birb BTC price analysis. Source: Cryptobirb

Likewise, pseudonymous Dutch crypto expert Plan B known for his stock-to-flow model has added that “$98K Nov and $135K Dec prediction still in play.”

PLAN B Bitcoin stock-to-flow model. Source: plan B

In order for Bitcoin to regain its previous levels of $66,000, it would need support from the rest of the market. 

As it stands now, unless there is a broad-based crypto rally, it looks like the first substantial resistance level will almost probably act as a ceiling on the Bitcoin rally’s upward trajectory. 

In the event of a sustained uptrend, Bitcoin may encounter resistance at the $68,000 mark before easing back down. The second major resistance level is $66,742, which corresponds to the previous all-time high price. 

Upon a break below the pivot point of $64,837, the first key support level at $64,201 will come into play. Bitcoin should be able to avoid hitting the second critical support level of roughly $62,927 unless there is a large sell-off throughout the day.

Global crypto market

Overall, the worldwide cryptocurrency market has increased by almost 1.77% in the previous 24 hours and is presently valued at over $2.87 trillion, according to CoinMarketCap. 

Most Notably, among the top 100 cryptocurrencies, the Crypto.com native token (CRO) has witnessed a dramatic surge trading at $0.5033, up 26.15% in the last 24 hours and 32.95% over the previous seven days.

The entire crypto market volume over the past 24 hours is $86.27 billion, representing a 9.09% fall from the previous day, with DeFi at $12.49 billion, accounting for 14.48% of the total 24-hour volume in the market. 

Global market cap 7-day chart. Source: CoinMarketCap.com

Whereas, the overall volume of all stable currencies is now $65.33 billion, accounting for 75.73% of the entire 24-hour volume.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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