Forecast for Bitcoin Value: Anticipation of $100,000 Milestone Following Significant Technical Breakthrough

• Technical analyst JC Parets forecasts that the price of Bitcoin might jump by 40%, reaching the $100,000 mark.
• Parets points out that the longer Bitcoin remains over the $70,000 threshold, the greater the chance it has to surge higher.
• “In my opinion, if Bitcoin maintains a value over 70—essentially if it has a ’70’ in front of it—I believe it’s worth holding onto, both as a short-term trade and potentially more,” Parets suggested.

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Bitcoin is on the cusp of a significant technical breakout should it surpass its previous peak of roughly $73,800.

Expert JC Parets from AllStarCharts suggests that the more persistent Bitcoin’s presence above $70,000, the more plausible a rise to $100,000 becomes.

As of 10:16 am ET, the cryptocurrency was priced at $71,312.

“The strategy was thinking Bitcoin would reach [$]47[,000], then plateau, climb to [$]70[,000], pause again, and finally leap towards [$]100[,000],” Parets commented during a late-month episode of Trends with Friends podcast.

According to Parets, the plan is progressing smoothly.

“We’ve hit [$]47[,000] and paused. After breaking out to [$]70[,000], we’re currently resting. This is all typical behavior, these are mere stepping stones. Holding onto Bitcoin for a trade makes sense when it’s over 70,” Parets noted.

The target of $100,000 for Bitcoin suggests a 40% potential from the point it was at.

“I envision the potential for further increase beyond that, but the next milestone first. We have to surpass these levels. It’s uncertain how long that’ll take—weeks, months, or even years. Bitcoin has to absorb this overhead supply, so let’s see the duration,” said Parets.

After recovering from a tough bear market in 2022, Bitcoin’s value has soared in the past year.

The cryptocurrency is now shaping a conventional ‘cup and handle’ pattern, a bullish indicator with a ‘U’ shaped base followed by a short-term downturn known as the handle.

The breakout happens when the price advances above the handle, prompting technical analysts to purchase. Such a pattern typically indicates an ongoing uptrend is likely to continue.

For a ‘measured move’ price target, one would measure the cup’s depth and add this figure to the rim. For Bitcoin, this suggests a measured move price goal of about $130,000 if the ‘cup and handle’ formation holds true.

TradingView, Business Insider