Bitcoin Market Forecast: Can BTC Reach $100,000 Without a Pull Back

Ever since the approval of Bitcoin Spot EFT by SEC, Bitcoin and the entire crypto market have been experiencing a tremendous move which has made the crypto market an interesting market as everyone is expected to see Bitcoin reaching $100,000.

For the past week, we have seen some significant moves in Bitcoin which traded higher than what it traded between 2020 and 2021 having an all-time high of $69,000. This is a point where you need to apply some caution as you dive into the crypto market.

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Based on the current market condition of BTC at the time of writing this post, a correction of Bitcoin moving down to $59,000 could be a nice opportunity for you to buy Bitcoin before it reaches $100,000.

As of the time of writing this post, the momentum of Bitcoin was down it reached a new all-time high of $73,326 on 16 March 2024. Based on how well Bitcoin has been in an uptrend this little drop of Bitcoin is nothing you should worry about as in my view I see it as a short-term correction. Let's analyze the market more dipper.

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As of the time of putting down this post, BTC/USD trades at $67,553.26, below the previous all-time high of $73,268.81 which is a nice pivot point to wait for the market to form support levels.

Looking at the chart, if the current candlestick fails to recover above the critical level, the price of Bitcoin is at the time of analyzing the market, it could provide us with a market shift, that could be bearish.

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Also by looking at the chart carefully, if the price of Bitcoin should move above $70,0000 after the establishment of a strong uptrend movement, it means we will see a continuation of an uptrend that could move Bitcoin to reach a psychological level of $100,000.

Well, the forecast we have to look out for may look out of possibilities based on how the performance of Bitcoin in March 2020. However, let's be more positive.

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Disclaimer

_{Whatever you have read in this post isn't in any way financial advice but educational content that tends to enlighten you about how the Bitcoin market might be, before reaching $100,000 which we are all anticipating. Relative strength index and volume indicator are the two indicators that I used to forecast the Bitcoin market on 16, March, 2024.}