Bitcoin (BTC) has spent nearly 900 days correcting its all-time highs from USD 20,000 But his $ 100,000 journey is about to begin.
This is the opinion of the popular trader and social media analyst Positive crypto, as on May 29, he said that the biggest cryptocurrency surge of 896 days would end soon.
The BTC price will break the “consolidation structure”.
According to an attached graphic, The period since December 2017 was “a phase of massive accumulation”., meanwhile, repositioned and bought investors.
This “consolidation structure”, as Positive Crypto calls it, is ready to break to make way for another bullish rise that will destroy the area of USD 20,000.
He wrote in comments:
The past 896 days have been just a massive re-accumulation period before # bitcoin rose to $ 100,000, and the consolidation structure will break soon. You are ready?
Despite rolling up and down, The Bitcoin price has completely eliminated the losses from the March declinethat Positive Crypto’s grades were a “higher low” compared to the December 2018 bear market summit.
This cycle of “higher lows” positions the market higheras the graphic shows.
Graph showing the 3-year BTC / USD consolidation structure. Source: Positive Crypto / Twitter
Are Hodler preparing for $ 100,000?
As Cointelegraph reported Several analysts believe Bitcoin will see an upward trend after halving this month at most in the next year or two.
Perhaps the most daring thing is PlanB’s stock-to-flow model predicts a price of $ 288,000 by 2024with all-time highs that easily double to $ 576,000 per Bitcoin.
The network’s indicators also give reason to think. 60% of the Bitcoin offer, for example, hasn’t moved in a year or more, a trend that’s continued for five monthsdespite the large variety of prices.
The position of Bitcoin in its current so-called “Hodl wave”according to the delivery dates, has triggered bullish rises in every previous cycle.
Selling appears to be low on investors’ priority list;; Exchange bookings are at their lowest level since December 2018.