As Bitcoin approaches its previous peak, discussions About its next big price targets have caught fire again. Among the voices contributing to this conversation is Samson Mo, CEO of Jan3 and a prominent Bitcoin advocate.
Recently, Mo on His forecast is based on events triggered by the surpassing of the all-time high of $73,750 in March.
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Critical factors to push Bitcoin price to $100,000 target
Mo outlines a cause-and-effect scenario that could push Bitcoin to these new heights.
First, exceeding the previous all-time high would trigger a “recurring Bitcoin demand shock,” where increased demand and limited supply quickly push prices higher. According to Mao, this chain reaction could quickly push Bitcoin to the $100,000 mark.
Once we get past the previous one #Bitcoin ATH, a recurring demand shock begins and the order reaches $0.1 million.
-Samson Mao (@Excellion) June 5, 2024
His confidence is reflected in recent market behavior. Despite a slight pullback from its 24-hour high of $71,312, Bitcoin has maintained an upward trajectory, rising 1.7% over the past 24 hours and nearly 5% over the past week.
Supporting Mow's optimistic outlook, Chris Vermeulen, chief market strategist at Technical Traders.com, said: Involved A technical perspective in line with Mo's expectations.
In a detailed analysis, Vermeulen pointed to a cup and handle formation on the chart, which is a bullish signal that indicates a high probability of an upward breakout. He uses Fibonacci extensions to predict that Bitcoin will soon reach targets between $80,000 to $90,000, possibly rising to $106,000.
Market dynamics and long-term outlook
Both experts view current market dynamics as a precursor to greater gains. Vermeulen's analysis not only supports Mow's predictions, but expands them by suggesting that Bitcoin may face resistance at around $100,000, a psychological barrier that will likely trigger significant market reactions.
After this point, a phase of consolidation may occur, but the long-term path remains largely positive. The broader financial context also plays a crucial role in these forecasts.
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With growing concerns about the stability of traditional assets such as the dollar and the stock market, investors are increasingly turning to alternatives such as Bitcoin and gold. This shift points to a deeper financial narrative where Bitcoin is viewed not just as a speculative asset, but as a viable hedge against economic uncertainty.
Featured image created with DALL-E, chart from TradingView