Bitcoin

Bitcoin Price Outlook: $100,000 Target on Major Technical Breakthrough

Published

8 months ago

8 June, 2024

BlockChainGuardian Staff

Bitcoin Price Outlook: $100,000 Target on Major Technical Breakthrough

The price of bitcoin could rise 40% to $100,000, according to technical analyst JC Parets.
Parets said the longer bitcoin has been trading above $70,000, the greater the likelihood of its breakout.
“I think if it has a handle of 70, if you are above 70, I think you have it for a trade and more,” Parets said.

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Bitcoin is on the verge of a major technical breakout if it manages to surpass its old record high of around $73,800.

According to technical analyst JC Parets of AllStarCharts, the longer bitcoin trades above $70,000, the more likely it is to rise to $100,000.

The cryptocurrency was trading at $71,312 at 10:16 a.m. ET.

“The idea was that [bitcoin] we were going to arrive [$]47[,000]take a break, go to [$]70[,000]take a break and, finally, go for a [$]100[,000],” Parets said on an episode of the Trends with Friends podcast late last month.

So far, so good, according to Parets.

“Well, we have to [$]47[,000], we took a break. We break out, we have to [$]70[,000], we are taking a break. As if this were perfectly normal. There are a few steps along the way. I think if it has a handle of 70, if you are above 70, I think you have it for a trade and more,” Parets said.

A $100,000 price target for bitcoin represents a potential 40% upside from current levels.

“I think ultimately it could go higher than that, but that’s the next step. But first step, now we have to clear these levels. I don’t know how long it’s going to take. It could take weeks, it could take months, it could It will take years. It still needs to absorb this indirect supply, so we will see how long it will take,” Parets said.

The price of bitcoin has surged over the past year after recovering from a brutal bear market in 2022.

Now the cryptocurrency is forming a classic technical pattern, called “cup and handle”.

This is a bullish pattern that resembles a cup, formed by a base pattern that typically looks like a “U”, followed by a handle formed by a short-term downtrend.

As soon as a security broke out above the handle, a technical analyst would buy the stock. This pattern often extends an uptrend that is already in place.

A trader could generate a measured moving price target by measuring the price depth of the cup and add that value to the cup lid.

In the case of bitcoin, it has a measured move price target of around $130,000 if the bullish cup and handle pattern materializes.

TradingView, Business Insider

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

MicroStrategy’s Cash Flow Amid Bitcoin Rally Raises Some Eyebrows

Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.

How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.

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Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

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Bitcoin

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Published

6 months ago

1 August, 2024

BlockChainGuardian Staff

Bitcoin (BTC) Hits Six-Week High After Trump’s Pro-Crypto Speech

Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.

The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.

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