Analyst Kim Chua explains how Bitcoin
could reach USD $100,000.
Bitcoin’ s price action is bullish once again, and the leading cryptocurrency by market cap has staged a strong recovery to reach around USD $50,000. According to PrimeXBTsenior analyst Kim Chua, the formation of a golden cross in the BTC/USD pair gave the bulls enough “firepower”
to break through the $44,000 to $48,000 region.
Chua says the level has since shifted to “very strong base support” and that the spot market driving prices higher suggests the upside move is likely to be sustainable. If momentum continues, a “rapid parabolic move
” toward $100,000 or higher is possible to end the cycle, he says.
Golden Cross Revives Bullish Momentum in Bitcoin
A surplus of stable coin inflows and a return of spot buying on crypto exchanges have lifted the Bitcoin
price high enough to form a golden cross. A golden cross occurs when a short-term moving average crosses above a long-term moving average and signals to the market that an asset is more likely to be bullish and ready to advance during an extended phase.
Previously, Bitcoin formed a death cross, only for the golden cross to follow weeks later as resistance from $44,000 to $48,000 was changed from resistance to ironclad support. With a “solid base” built, PrimeXBT
analyst Kim Chua, believes a retest of the asset’s all-time high is next, and that could come “within a month.”
Parabolic move could propel Bitcoin
to $100,000 or more
surpasses its previous all-time high of around $64,000, Chua claims the market will react with a “fast parabolic move.” The reason for the fast and furious move is because market participants who have been sidelined waiting for new lows are forced back up the FOMO.
When the market realizes that new lows will never occur, the FOMO could spiral out of control and help propel cryptocurrency valuations to incredible new highs. The p
The first significant hurdle between the price of Bitcoin and a retest of the all-time highs is another resistance zone between $53,000 and $55,000 which, according to Chua, “should be reachable this week”.
If the Bitcoin passes that level, Chua believes the cycle will look more like the bull market of 2013. If the cryptocurrency “follows a similar trajectory,” the Bitcoin could surpass its current all-time high within a month and soar to $100,000 or more.
About Kim Chua, senior market analyst at. PrimeXBT:
Kim Chua is an institutional trading specialist with a track record spanning major banks including Deutsche Bank, China Merchants Bank and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass on her knowledge to a new generation of analysts. She actively follows the traditional and cryptocurrency markets closely and is eager to find future investment and trading opportunities as the two very different asset classes begin to converge.
Text and image by PrimeXBT
DISCLAIMER: The analysis done in this sponsored article is the sole responsibility of the PrimeXBT analyst, it was not done by DiarioBitcoineditors.