Bitcoin price is currently swinging with the important resistance and support levels where-in the possibilities of achieving both of these levels are pretty same. Presently, the bears manifest extreme strength and hence a significant plunge below $46,000 is still in place. Despite the bears appearing to have capitulated the market, the possibility of the BTC price reaching the target of around $100K is pretty high.
Despite the BTC price strength having plunged notably, the possibility of the star crypto surging high beyond its ATH is pretty high. According to some studies, Bitcoin in 2022 may still uplift to gain significant bullish momentum. Previously, the BTC price failed constantly to surge above $15000 for more than 3 months until it received a wider push during Q4 2020. If the asset replicates a similar pattern, then the probability of the price hitting $100K is extremely high.
Here the analyst cites the rare 5-day squeeze which occurred rarely in the history of Bitcoin. As per him, it has happened only 3 times in the last 5years. No doubt the first one resulted in a strong plunge mainly due to RSI being below 50. However, the next time it occurred was when the price rally was about to begin. The price surged extremely high as the RSI was hovering above 50 and the neutral line. The price further surged to hit the ATH at around $64,000 from the levels around 9500.
Currently, a similar consolidation has surfaced with the RSI levels appearing above 50 & neutral line and hence a significant uptrend is on the toes. If the BTC price rallies in a similar way then a price surge may begin at $47,000 and end up while it secures the levels above $100K. The analyst also believes in the upward narrative but does not point to an upper target as of now.