Why Bitcoin Could Still Hit $100K This Year

Bitcoin has had a miserable couple of months since hitting a new all-time high this year. The asset recently broke the $30K resistance level last week and fell down to $28K. Before promptly recovering back up over $30K and trending upwards towards $34K.

This is a critical resistance point for bitcoin. Breaking this price could be the beginning of a

Coin

‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin usually to a new all-time high.

Bitcoin has now spent 17 days trading within the $20K to $30K range. While not a high number, it is the first time that this has happened. This means that there is an air pocket below the $30K line. It explains why traders have been battling to keep the price above $30K.

Bitcoin trading in the $30K range | Source: BTCUSD on TradingView.com

If the price can hold this line for the next month, then it is likely that we will see $100K per bitcoin by year-end. Holding at a critical point means that there is still faith in the market. People are buying back in because they believe that the

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‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear market for an asset. But it has not been down long enough for it to be officially called a

Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear market, the asset is just taking a break before its next rally.

Vinny Lingham is a well-known name in the crypto space. He is famed for having correctly predicted price movements of coins like Bitcoin, Ethereum, and FIL. Due to this, his predictions carry much weight in the market.

Lingham recently posted on Twitter that if Bitcoin could hold the $30K price range, then we could see $100K this year.

Related Reading | Here’s The Level Bitcoin Bulls Must Reclaim For Setup To $49K

Other users chimed in with their opinions under the tweet. With one user even predicting as high as over $150k by Christmas.

One user pointed out the lack of momentum in the market. With there not being a lot of buy pressure at $40K, driving down the price of the

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‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin from falling below this critical threshold.

The lack of momentum in the market has surely been a cause for concern. But sometimes that is a good thing. With no momentum, investors might believe the market has hit its bottom. Then buying back in to not miss this bottom will be the momentum need to drive up the price.

Featured image from U.Today, chart from TradingView.com

Source: https://www.bitcoinnewsminer.com/why-bitcoin-could-still-hit-100k-this-year/