Market analyst Jelle recently asserted that a Bitcoin (BTC) surge to the coveted $100,000 price is only a matter of time, noting that the next leg up has already begun.
Jelle made this bold assertion while speaking on the current condition in the Bitcoin market amid the latest push toward recovery. His latest post builds on a previous analysis he made regarding the premier crypto’s next possible direction in the coming weeks.
Notably, in his first disclosure on March 20, Jelle stressed that Bitcoin is on the verge of printing a new higher low on the 2-day chart amid the ongoing consolidation at the time. He pointed out the asset’s explosive and uninterrupted run from $38,000 to $72,000, noting that the correction was expected.
However, his confidence in the crypto token’s potential to resume the uptrend remained firm, as he described the retracement as a period to “have fun.” His subsequent analysis on March 21 stressed that the potential higher low could mark a healthy retest for Bitcoin.
Surge to $100,000 is a “Matter of Time”
Five days later, Jelle has now confirmed that the asset has printed the projected higher low at $60,805, confirming the start of another bullish run. According to the analyst, Bitcoin has now begun the next push toward more substantial price targets.
The new higher low has locked in, and #Bitcoin is pushing back towards the highs.
The next leg higher has started.
$100,000 is a matter of time, imo. https://t.co/EA1TvcUlN5 pic.twitter.com/qt55a0Uy7f
— Jelle (@CryptoJelleNL) March 26, 2024
While some industry leaders such as Binance CEO Richard Teng have predicted a target of $80,000, Jelle sees Bitcoin reaching higher grounds, with the $100,000 goal in view. The analyst asserted that it is only a matter of time before Bitcoin clinches the $100,000 price.
However, the $100,000 level is not the most ambitious target set for Bitcoin. Leading asset manager Bernstein, global banking giant Standard Chartered, and Fundstrat’s Tom Lee all believe BTC could hit $150,000.
Bitcoin Shows Room for Growth
Interestingly, market data indicates that Bitcoin does have room for more price growth. Bitcoin’s daily relative strength index (RSI) currently sits at 58.32 despite the crypto asset changing hands at a $69,631 high. The current RSI indicates that BTC is far from overbought, and still has more room to expand.
In addition, bullish sentiments have re-entered the market amid the recovery from the $60,805 low. Bitcoin has increased by 14% from this low over the past week. As the recovery heats up, the spot Bitcoin ETF market is now seeing positive flows, recording $418 million in inflows yesterday.
Bitcoin recently recovered $70,000 for a brief moment before hitting a roadblock. The asset now trades for $69,631, looking for another opportunity to push toward the $70,000 region. The asset is up by a mere 0.41% over the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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