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What if Bitcoin reaches $100,000??
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After Bitcoin (BTC) hit an all-time high of over $73,000 in early 2024,
Most investors have set their target at $100,000 as the next benchmark valuation for the top cryptocurrency. Now, a trading expert has come forward to offer a blueprint for pushing Bitcoin towards that milestone.
In particular, expert Peter DiCarlo noted that Bitcoin looks strong to reach $100,000 but needs to break the $68,000 resistance level to confirm the path to a new record high, he said in a post on X on September 28. Given the current situation, Bitcoin could build on the current bullish momentum to reclaim the $68,000 level as the asset prepares for one of the strongest finishes in September. To that end, investors are looking to the “Uptober” phenomenon, where the top cryptocurrency tends to rally in October.
However, this momentum is not guaranteed, as Bitcoin still has several hurdles to overcome before it has a strong chance of rallying in October. For example, as Finbold noted, Bitcoin has significant liquidity on the downside, and the asset needs to liquidate individual long positions before rallying next month.
In fact, Bitcoin set its target at $70,000 during the period of stablecoin liquidity influx and the recovery in the crypto market. In this context, a report by 10x Research noted that before the Fed cut interest rates, nearly $10 billion in stablecoins were issued, which drove market liquidity higher. High volume is essential since stablecoins are often used to turn around positions in the crypto market.
A cautious look at Bitcoin
Amid the prevailing bullish sentiment, cryptocurrency trading expert Ali Martinez noted in a post on X on September 27 that investors should expect a potential price correction. The warning is based on Bitcoin’s TD Sequential indicator, which indicated a sell on the four-hour chart.
Historically, such signals have been associated with price corrections, and traders may expect some downward pressure on Bitcoin in the near term. With Bitcoin trading at $65,000, indicators suggest that the asset is likely to fall further.
