Bitcoin Gears Up for a Major Rally, Aiming for a New All-Time High at $99,000 – $100,000
- Bitcoin’s price chart reveals a promising bullish indicator.
- An analyst spots a significant breakout signal for BTC.
- BTC’s next all-time high (ATH) could potentially reach $99,000 – $100,000 in the near future.
The price of Bitcoin (BTC) continues to maintain a steady sideways movement within the higher range of $60,000. Currently, the asset sits at $67,000 and displays bullish signs. With expectations of a bullish fourth quarter, October has witnessed strong indicators of upward momentum for BTC, and analysts anticipate an imminent new ATH for the cryptocurrency.
Bitcoin Readies for Breakout Towards $99,000 – $100,000
Many analysts predict that BTC will surpass its previous ATH in the upcoming weeks and subsequently enter into the price discovery range. These projections envision BTC reaching between $100,000 and $150,000 by the end of the fourth quarter. As for the highest price point in BTC’s current cycle, estimates range from $220,000 to $550,000. At present, one analyst shares his perspective on Bitcoin’s next ATH target.
$BTC (Bitcoin) BREAKOUT ALERT 🚨!
Target for this pattern,
$99,000 to $100,000 https://t.co/prtf8RK7j2 pic.twitter.com/QOav4MEqHL
— JAVON⚡️MARKS (@JavonTM1) October 26, 2024
As indicated in the above tweet, the analyst sets the target for a price breakout. Referring to the BTC price chart shared by the analyst, the pioneering cryptocurrency is poised for a significant breakout that could propel its value to the range of $99,000 to $100,000. Undoubtedly, this represents a highly favorable signal for Bitcoin to achieve in the fourth quarter.
Analyst Advises Against Shorting in the Current Macro Bull Market
Supporting the bullish sentiment is another analyst who elaborates on why shorting BTC during market dips may not be the wisest approach. In particular, analysts anticipate periods of sustained sideways movement, where the price of BTC could fluctuate unexpectedly and by a substantial margin. In a bullish state, the price of BTC can exhibit extreme volatility.
“But Miles, if you knew the market would dip – why wouldn’t you short?”
1. Even if I’m 100% certain of a dip, all it takes is your timing to be off by 1-2 days to get wiped on a leverage short.
2. If I’m wary of a pullback, I prefer to spot-sell in order to recapitalise my…
— Miles Deutscher (@milesdeutscher) October 26, 2024
The analyst emphasizes that even if he is completely certain about a market dip, a trader’s timing could be slightly off by 1-2 days, resulting in substantial losses when engaging in leveraged short trades. Hence, if he anticipates a potential pullback, he prefers spot-selling to reinforce his holdings in stablecoins. Spot selling essentially constitutes the act of selling assets without employing leverage, similar to short selling.
Ultimately, the analyst asserts that this is a macro bull market. Therefore, unless he is a scalper (which he clearly states he is not), taking a short position at any point would be a highly risky move, given that the momentum is against him. Conversely, he mentions that the inverse holds true for a macro bear market. He concludes his analysis by advising traders to align themselves with the prevailing trend until its termination.