There is a case to be made that Bitcoin will hit $100,000 prior to any major correction, says Crypto Jebb. The trader has put forth an analysis of the key levels and what lies ahead for BTC, which currently possesses considerable momentum.
Bitcoin’s Recent Rally and Current Market Position
Bitcoin is now trading around $85,500 after a solid run. In fact, over the past 85 days it has gained about $30,000 in value, touching $87,000 in the last fortnight alone. Such a pronounced move has not gone unnoticed by either veteran or new traders in the market, who are left to wonder how much further the rally can extend before a pullback is due.
Key Indicators and Resistance Levels to Watch
According to Crypto Jebb, the fact that Bitcoin’s RSI fell to 48 on September 16 and 17 is not in itself a harbinger of an impending correction. One might see it as a sign of divergence, but the RSI is no surefire way to forecast a downturn. What matters more to Jebb is whether Bitcoin can hold its ground above $82,855. Should BTC keep this support intact, the odds of a run-up to $100,000 become much greater. That figure tends to draw in buyers like a magnet, and with many sellers eyeing it for their profits, it should fuel considerable upward momentum all the way there.
Potential Correction and Long-Term Bullish Outlook
Crypto Jebb is not one to be swayed by the current rally; he offers a word of caution that a correction could still come. Should Bitcoin see a pullback, he believes the asset might drop to the $63,000 mark. But make no mistake, he does not see that as the death knell for the bull market. In his assessment, even a correction on that scale would leave Bitcoin firmly in its bullish trend.
On a broader level, the advice from Crypto Jebb is for investors to take the long view. He is of the opinion that there will be ever greater demand for hard currencies such as Bitcoin, which in turn will underpin steady price gains. It is a point worth noting for any newcomer to the space: one must have a grasp of what drives adoption as well as an appreciation for the risks inherent in a correction.
This article reflects the channel author’s opinion and is not investment advice.
Every call by Crypto Jebb and how it played out — in the BuyCrypt bloggers tracker.
Source — Crypto Jebb: https://www.youtube.com/watch?v=jTNttJvnjr8
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