- Bitcoin price surpasses $11,000, where is next?
- With 75% confidence level, Morgan Creek Partner Foresees $100K BTC, After an Accurate $3K Dip Call.
- Numerous 20-30% drawdowns should be expected after Bitcoin attains new all-time highs.
Bitcoin has surpassed 11k resistance price for the third time in 15 months. After a double test on the mark, the crypto asset regressed back to $10,700. As Bitcoin crossed $10,000, the long awaited market FOMO resumed even though it was lesser than that of 2017 when the crypto asset crossed the same point.
Furthermore, analysts have proclaimed that according to data from Google Trends, Bitcoin’s latest up rise was as a result of funds poured into the market by institutional investors and not FOMO from retail investors. Prediction has it that since retail investor FOMO are yet to surface in the market, Bitcoin would likely tower above its previous high – $20,000.
As at press time, Bitcoin is again on the upside trend, crossing $11,000 to be priced $11,028.83 with 2.77% added value in the last 24 hours. It is clear that the crypto asset holds a strong support around $10,000.
While Bitcoin continues to rally on the upside trend of the market, a cryptocurrency trader by name ‘The Cryptomist’ proclaimed that possible flag is still forming.
The presence of the bull div is also being felt in the market as Bitcoin gradually pushes up for another new resistance on the upper price band.
A bounce off the 50 RSI region has also been noticed as Bitcoin threads up the rising wedge.
Possible flag still forming
Bull div present
Also notice how we bounced of 50 RSI region – Maintaining uptrend
I anticipate this to beak no later than 16 hours from now
Breakup – 11.4k region
Support – 10.1k region
Trade safe loveys 😊 pic.twitter.com/ahcqKU3usD
— The Cryptomist (@TheCryptomist) June 24, 2019
Market expert’s opinion is that the present rally would take BTC above its previous peak, and a price between $60,000 to $100,000 would be obtainable.
The Cryptomist in another tweet averred that the ongoing rally in the market has initiated a believe that Bitcoin’s peak in this cycle could possibly be $100,000.
I actually believe Bitcoin can reach $100k.
— The Cryptomist (@TheCryptomist) June 23, 2019
Morgan Creek Partner Foresees Bitcoin at $100K, After an Accurate $3K Dip Call
On August 24, 2018, Antonio Pompliano in a statement revealed that Bitcoin would likely touch $3K before rising back to $10,000 and yes, all went as proclaimed as BTC price went down to $3,200 in December 2018 and later rose up to $10,000 price last Friday
Although, claims are not always 100% accurate in market prediction, Pompliano’s job as a professional money manager is to deduce a price target, and attach with it a timeline. The co-founder of Morgan Creek Digital asserted that with 70-75% confidence level, he believes Bitcoin will be hitting $100,000 before December 31, 2021.
Pomp added that for every new all-time highs, numerous 20-30% drawdowns in the price of Bitcoin should be expected.