Cryptocurrency trader Xoverbit believes bitcoin could soon be on its way to the $100,000 level, but a certain scenario still needs to work out
In 2019, he noted the possibility of BTC hiking toward the $100,000 level:
«BTC should reach $100,000 in the next few years. So far, more than 30% of the path has been traveled, but only in 10% of the time horizon, so this scenario involves a decent correction.»
Right now, BTC continues to follow the trader’s chart and he notes that the cyclic curve pointing to $100,000 should not be interpreted as a support level, but as an average rate trajectory that bitcoin can roughly follow. It has been suggested that BTC could cross the $100,000 mark at the end of this year or early 2023.
Regarding the near-term future, a Xoverbit site trader noted that while bitcoin’s monthly chart may still look bearish, certain bullish signals are emerging on the weekly chart. In addition, bitcoin managed to break out of the narrow downward channel.