Bitcoin (CRYPTO: BTC) is nearing a significant technical breakout, potentially reaching a milestone of $100,000, according to an analyst.
What Happened: Bitcoin is on the cusp of a significant technical breakout if it surpasses its previous peak of about $73,800.
Technical analyst JC Parets of AllStarCharts noted that maintaining levels above $70,000 increases the likelihood of Bitcoin reaching $100,000.
“The idea was we [Bitcoin] were gonna get to $47,000, take a break, get to $70,000, take a break, and then ultimately breakout to a $100,000,” Parets said on a “Trends with Friends” podcast last month.
Parets highlighted that Bitcoin has followed this pattern so far.
“We got to $47,000, we took a break. We broke out, got to $70,000, we’re taking a break. Like this is perfectly normal,” he added.
A $100,000 target represents a 40% potential upside from current levels.
Also Read: Crypto Analyst Foresees Upswing In Bitcoin’s Value Before Major Plunge
The cryptocurrency has rebounded significantly over the past year, recovering from a severe bear market in 2022. Bitcoin is now forming a “cup and handle” pattern, a bullish technical formation. If this pattern materializes, Bitcoin could potentially reach a measured move price target of about $130,000.
Why It Matters: The potential breakout comes after a period of significant volatility for Bitcoin. In late May, pseudonymous trader and crypto analyst Rekt Capital provided insights into Bitcoin’s status and future prospects. Rekt Capital noted that Bitcoin was no longer in the “danger zone” but warned of a possible 13% dip from its current value.
Rekt Capital explained that Bitcoin typically enters the “danger zone” after a halving event, which reduces miners’ rewards. Despite these concerns, Bitcoin has shown resilience and has been on an upward trajectory, indicating strong market confidence.
As Bitcoin approaches the $100,000 mark, it is essential to consider the broader context of its recent performance and the technical patterns that have emerged. Investors and analysts will be closely watching to see if Bitcoin can sustain its momentum and achieve this significant milestone.
Now Read: Crypto Analyst Forecasts Monumental Bitcoin Rally By 2026
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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