When will Bitcoin reach 100K?
With Bitcoin resuming its bearish trend, people are worried Bitcoin will never reach 100K.
November 2022 update!
Even though Bitcoin finds itself in a deep, bearish trend, I still personally still believe that Bitcoin reaching 100K is inevitable.
That's right.
For me, it’s still no longer a matter of if Bitcoin will reach 100K.
But when.
In this explainer, I take another look at the Bitcoin daily chart (BTC/USD) and let me use it to explain why I'm probably not as bearish as the rest of the crypto universe.
Let's jump right in.
Bitcoin is still on its way 100K
The fact of the matter is that right now, we're a LONG way from Bitcoin reaching the magical 100K mark.
But when you take a closer look, you see that the emotion you likely feel at this point in the bear market isn't reflected as chaos on the chart.
Here's the Bitcoin daily:
Bitcoin (BTC/USD) Daily:
See what I mean?
Price has still been orderly stopping and respecting support/resistance levels at all of the major psychological levels on the way down.
While there are big gaps between them, you have to remember that this is crypto we're trading.
Bitcoin is volatile!
If you want the volatility to the upside, then you also have to take it to the downside.
That's just how this game works and right now we're unfortunately seeing volatility to the downside.
When the market turns, we're just as likely to see price reactivate resistance as support and rip higher through those huge spaces.
Remember, bear markets can be quickly erased when the tide turns.
When you learn what Bitcoin is, you’ll soon see that its deflationary supply mixed with where we are in the adoption cycle means that HODLing truly is the best strategy for retail investors.
In my opinion, Bitcoin going to 100K is inevitable.
And no matter where you buy from now, you will always make money if you HODL.
The importance of psychological levels like Bitcoin at 100K
Psychological levels such as round numbers in price are almost always used and respected as support/resistance.
The more round and exciting the number sounds to your human ears, then the more likely it is to be a significant level for both bulls and bears.
Ethereum reaching 5K is exciting and Bitcoin reaching 100K is truly intoxicating.
Right?
Well, we’re only human after all.
Psychological price levels such as this 100k target in Bitcoin are important because the human mind is a simple thing.
They’re easy to relate to, so traders place their orders around them.
What this does is ensure that they’re somewhat of a self-fulfilling prophecy.
Final thoughts on Bitcoin to 100K
Let’s wrap things up with the same energy that we started things off with.
It’s no longer a matter of if Bitcoin will reach 100K, but when.
So if you're already here in our community, don't be the one who lets the opportunity of our lifetime slip through your fingers.
BTMFD!
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on the Bitcoin support levels that matter heading into August 2021, within the comments section below? All comments that add something to the discussion will be upvoted.
This Bitcoin blog is exclusive to leofinance.io.
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tomorrow
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11 hours for Bitcoin to rally $55,000?
Well, crazier things have happened in crypto!
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I believe that will happen sometime next year.
Bitcoin to 100K certainly feels inevitable though, right?
What's your thinking behind calling the move in 2022?
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I believe it will reach that sometime by the end of the year, pretty much like it happened in 2017.
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Question is if you want to sit it out until 100K, or if not more profitable to try to sell part at peaks and buy back lower. Because it won´t go in one straight line to 100K.
At 50K I expect some selling.
While I agree with you, timing the market is extremely tough and in a deflationary asset like Bitcoin, might not be worth the risk.
Especially for non-traders.
HODLing Bitcoin has shown to offer safe and predictable growth after every halving event.
For me, 100K Bitcoin is inevitable.
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That's why I keep buying small amounts whenever I can, regardless of price. My dollar cost average is well below the 50k mark so when BTC does hit 100K I'll more than double my investment!
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I've talked about dollar cost averaging by buying the Bitcoin dip on the blog before.
I certainly agree with you that it's a great strategy.
Even if we're buying the Bitcoin top now, it won't matter long term.
If 100K Bitcoin is the next target, then this is still extremely cheap.
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A lot of people are saying sometime this year but I have a feeling it might happen next year so the futures traders lose out.
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I'd love to hear more about your thought process behind calling the Bitcoin to 100K move in 2022.
Do you mind expanding on your thinking behind pressuring the futures traders?
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For futures trading, I think there is just a lot of money on the line. After all, they are paying a premium for betting so there is plenty of people who want BTC to stay lower during that period. At the same time, those HODLers want to accumulate more BTC so I think its more likely to stay held down under 100k.
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Less than 3 hours after our weekly close and BTC is still extremely strong above its newly adjusted POC (Point of Control) at $ 41600. This is the main level on which we will be looking for potential new test and long spot / low positions. leverage.
After exiting such a high volume consolidation range, we can expect this POC to hold as support and likely lead us to our new resistance (also my original MTO) at $ 50,500).
It all depends on our weekly close now, and we will probably have one of the most bullish trends in a long time ...
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Thanks for sharing your analysis.
I agree that once your 50K target goes, the bullish rally to 100K is likely to be pretty fast.
While the mainstream was saying that this Bitcoin drop was its death, for me it was always the healthy pullback that we needed before the next parabolic move higher.
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It will totally depend on a lot factors. I agree on almost all of your points. But if all of these factors (economic health, uncertainty on fiat currency, pandemic worsening,etc) then we will find out sooner rather than later.
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We've seen all of those factors you listed (and more) already happen, and still Bitcoin marches on toward 100K.
I really see the target as inevitable.
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Check out the last post from @hivebuzz:
The good thing about bitcoin going up like this, is that all altcoins also go up in the same way. So we are likely to see a HIVE and a LEO at $1, also a CUB at $5, I am very sure about that.
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As a long time HIVE HODLer, I've been burned too many times.
Market-wide bull runs to me mean everything rallies... except HIVE.
We'll see if this time is different haha.
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Bitcoin hitting 100k is my least expectation.. in the financial world every one is looking for a way to secure the value of their assets against the impending hyperinflation… market makers have accumulated more BTC and this is when I expect more institutional money to come into the crypto market.. my expectations of the global market is at least 3.5-4 trillions dollars before the end of the year
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So right now, the global crypto market cap is just under 2 trillion dollars.
Not an unrealistic prediction if we're expecting Bitcoin's rally to flow out into alts and bring the rest up with it.
I'm with you.
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