Reputed Analyst Explains How a Bitcoin Price Relief Rally to $100,000 – $110,000 Is Likely

Reputed analyst explains how a Bitcoin price relief rally is likely

Presently, he believes two possible outcomes can play out

Either a new ATH price at $130,000 - $140,000, or a relief rally to $110,000 - $110,000.

The price of the pioneer crypto asset, Bitcoin (BTC), continues to fall to lower prices before trading in a steady sideways movement at a lower price range. At the moment, the price of BTC is trading at the $86,000 price range, showing that the asset is trading at a slightly higher range since the last 24 hours. Amidst falling sentiments, one reputed analyst explains how a Bitcoin price relief rally to $100,000 - $110,000 is likely

Reputed Analyst Explains How a Bitcoin Price Relief Rally Is Likely

According to CoinMarketCap analytics, the price of BTC is trading at the $86,600 price range and is currently boasting a total market cap of $1,728,495,587,769.23 and a 24-hour trading volume of $61,692,884,239.01. The pioneer crypto asset now needs a pump of over 30% to reclaim its previous ATH price set at $126,100 two months ago. Presently, most analysts believe that BTC is in a bear market and no new ATH prices will be soon anytime soon

With the continuously falling price of BTC, analysts are certain that Bitcoin is currently in a bear market cycle. However, some analysts believe that BTC has the potential to hit another new ATH price, if not, then it could at least make a relief rally run in the coming weeks ahead. As we can see from the post above, this reputed crypto analyst says that based on the 2021 cycle, Bitcoin could pull off one of two possible moves.

$100,000 - $110,000 BTC Price Target Set

The analyst goes on to state that the price of BTC can either rally to a new ATH price at the $130,000 - $140,000 price range in the next 3-6 months, or it can experience a last bounce to the $100,000 - $110,000 price range, before allowing a proper bear market to begin. The same analyst goes on to explain these possibilities in another post, where he states that Bitcoin just flashed the same signal which has marked the bottom multiple times in the past.

Over the last decade, Bitcoin has printed one of its most misunderstood signals over and over again. This is the Death Cross, when the 50-day SMA drops below the 200-day SMA. The last 4 major Death Crosses this cycle during an upward 200-SMA actually marked the bottom, which was followed by an upside rally. Macro Historical Facts: 9 out of 12 Death Crosses were followed by a strong rally. Only 25% led to deeper drops, mainly during clear bear trends like 2014

If the 200-day SMA is in an uptrend (like this cycle), the Death Cross is usually a bottom signal. As we can see from the post above, the analyst goes on to conclude that if Bitcoin (BTC) repeats the same structure as the last 4 signals this quarter, then $80,000 could be the bottom zone and a relief rally into the $100,000 - $110,000 price range over the next 1–3 months will be highly likely