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bitcoin strong support 100k
Nexo Logo

Capital Manager: Bitcoin Holding Above $52K Puts Crypto On Track For $100K

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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Bitcoin price has retraced by more than 10% following new record highs set over the weekend, however, according to one capital manager, the cryptocurrency holding above $52K would keep price action within a long-term rising bull channel.

If that happens, the first ever cryptocurrency will remain on track for $100K or more in the coming months ahead. Here’s a closer look at the bullish uptrend channel keeping the ongoing rally afloat, and what might happen next.

Bitcoin Must Hold Bull Trend Channel At $52K, Claims Capital Manager

Speculation over Bitcoin price action has turned from blasting toward new highs to correction. The leading cryptocurrency by market cap bled out more than 10% in a sharp move overnight, which could be the start of some deeper downside.

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Related Reading | Expert Take: Bitcoin Has Become A Monetary “Manipulation Gauge”

But as long as Bitcoin price holds above $52K, according to Vailshire Capital CEO Jeff Ross, a long-term, parallel bull channel will remain in tact.

The parallel uptrend channel, according to Ross’ chart, began with a breakout above the former all-time high at $20K Since then, price action has ping-ponged within the rising, bullish channel, taking the asset to three-times that former peak.

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bitcoin bullish

Bitcoin price is still trading well within the parallel bull trend channel | Source: BTCUSD on TradingView.com

Crypto Correction Within Larger Bull Trend “Confines,” Track To $100K Intact

Ross also says that if this uptrend channel holds, Bitcoin price is well on its way to prices of $100K per coin or higher in the coming months all based on the current technical picture.

Fundamentally, Ross says that on-chain metrics such as address growth and blockchain activity are bullish, and the macro environment is “wildly bullish” for Bitcoin.

Related Reading | Bitcoin Price Could Close March With First Ever Quarterly Bear Signal

The comment is likely in reference to that fact that the US government just issued another trillion dollar stimulus package, in which checks will begin showing up in the accounts of potential crypto investors this week.

Ongoing monetary supply expansion and fresh and free capital ready to flow into the cryptocurrency’s market cap, could keep the price per coin increase coming.

Several technicals are also favoring bears, which could make for an interesting and volatile few weeks ahead and March comes to a close.

Bitcoin is indeed “wildly bullish” by most standards, however, March is the worst month in the asset’s short history, and there are bearish divergences stacking on the quarterly candle closing at the end of the month for the first time ever.

Can the bullish uptrend channel Ross points out withstand the factors above, and can stimulus money keep the macro environment far too bullish for bears to gain an edge?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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