Leading cryptocurrency Bitcoin has been testing the $40,000 level for a while. BTC, which managed to cross $42,000 at one time, continues to rattle enthusiastic investors in hopes that a bullish rally will start. So how long will this bumpy process last?
While everyone has this question on their mind, an assessment on the topic came from crypto analyst Dave Keller. Keeler argues that BTC’s recovery effort over the past few weeks is a pullback to return to the former strong support at $30,000.
However, on the other hand, the analyst, who has a long-term bullish forecast, stated that he also expects the historical changes in bitcoin prices to be more upside down, and says that it seems possible that the leading cryptocurrency will rise above $100,000. However, the analyst does not give any time frame for this assertive view.
Although Bitcoin cannot show a steady rise, it is at least starting to reverse the downtrend that has been in place since April. However, the analyst said that things could turn in an instant and negative divergence on the daily chart is likely to lead to the Bitcoin outlook. He also expressed his concern that he might bring it back to the support level of around $30,000.
“I continue to see Bitcoin as very chaotic in general and this raises my expectations for a return to the $30,000 level.” Says the analyst, warning investors to be careful.
Is the $100,000 goal a dream?
After a consecutive $30,000 correction, despite the negative momentum divergence seen by the RSI, the momentum continues to decline with BTC rising above $60,000, a sign of weakness. $100,000 level seems likely.
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