Since the all-time high of $73,800, Bitcoin has been somewhat in trouble. It is not possible to definitively regain the bullish momentum. At the moment, the bulls seem to be making a new attempt, but real conviction is still lacking. The resistance between $71,000 and $72,000 seems too high at the moment.
However, Samson Mow, the founder and CEO of Bitcoin company JAN3, is convinced that the $100,000 price is only a matter of time.
Bitcoin on its way to $100,000
According to Samson Mow, reaching $100,000 is a matter of surpassing the $73,800 reached in March. If that succeeds, he predicts a “demand shock” and, according to him, Bitcoin will immediately reach that magical limit.
His confidence comes at a time when Bitcoin appears to be recovering. After a difficult night, the Bitcoin price is back above $71,000 and we may be preparing for that price explosion. At least the bulls keep trying.
You would expect the bears to lose at this point and give up their resistance. Unfortunately, this has not been the case so far. It also appears that the market is awaiting US labor market data.
It is scheduled for 2:30 PM today and is expected to set the market in motion considerably. Is unemployment higher than expected? Then Bitcoin will probably shoot up. So it could just happen today.
Technical analysis is also bullish on Bitcoin
Samson Mow’s optimistic outlook is supported by new technical analysis from Chris Vermeulen, market strategist at The Technical Traders. He shares that Bitcoin forms a cup-and-handle pattern, which he believes offers a lot of potential for price increases.
He also uses Fibonacci levels to determine the targets. For him they are at $80,000, $90,000 and even $106,000 in the graph.
According to Vermeulen, the $100,000 level is a psychological barrier where Bitcoin can expect quite a lot of resistance. That could generate some reaction from the market, but in the long term it remains extremely positive about the digital currency.
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Source: https://newsbit.nl/samson-mow-bitcoin-koers-van-100-000-is-onvermijdelijk/
