Crypto

Why $ 88,000 USD is an Easy Target for Bitcoin Price

Analysts Expect Bitcoin Price To Double By End Of 2021

The price of Bitcoin (BTC) is consolidating as it continues its sideways trend after its all-time high earlier in the month. However, a technical model suggests that the pullback may end soon, and the main cryptocurrency’s next target appears to be $ 88,000 USD.

Bitcoin price prepares for a big rally

After hitting a new all-time high in early November, analysts continue to bet on Bitcoin doubling in value before the end of the year. Analyst Plan B estimates that the flagship cryptocurrency will hit $ 98,000 USD by the end of November and has set a target of $ 135,000 USD for December.

Analysts expect the price of Bitcoin to continue to rise as more BTC exchange-traded funds are approved in the United States, thereby strengthening the legitimacy of the leading cryptocurrency as an asset investment.

Morgan Stanley also seems bullish on Bitcoin, as recent filings from the U.S. Securities and Exchange Commission (SEC) reveal that it has increased its indirect exposure to the world’s largest cryptocurrency by market capitalization. The company acquired more than 2.6 million shares of the Grayscale BTC Trust for an approximate value of $ 118 million between June and September of this year.

As Bitcoin continues to see increasing adoption, the price of BTC appears to be heading for a major surge as the major cryptocurrency has formed an ascending parallel channel pattern on the daily chart.

The dominant technical model suggests that the price of Bitcoin could head towards $ 87,912 USD thereafter, marking the upper limit of the parallel channel, coinciding with the Fibonacci retracement level of 161.8%.

However, before Bitcoin price can hit the bullish target, BTC will face its first hurdle at the 61.8% Fibonacci retracement level at $ 58,045. Conquering this level will cause the flagship cryptocurrency to target $ 61,168 USD, where the 21- and 50-day Simple Moving Averages (SMAs) lie.

An additional headwind will appear at the 78.6% Fib retracement level at $ 63,062 USD, then at the middle limit of the parallel channel at $ 66,433 USD, corresponding to the resistance line given by the Dynamic Reversal Indicator (MRI) . The 127.2% Fib retracement level could also be the next hurdle for Bitcoin price at $ 77,578 USD.

The IRM also printed a bottom signal on November 23, suggesting that Bitcoin’s price action is about to reverse the period of underperformance.

Bitcoin daily chart (BTC / USDT)

However, if the price of Bitcoin does not recover, an increase in the selling pressure could push BTC to $ 54,520 USD, where the retracement level is 50%, the lower limit of the parallel channel, the moving average of the 100 day SMA and the MRI support line is found. This area should serve as a solid support for the main cryptocurrency.

By Sarah Tran, FXStreet

Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto and crypto custody exchange, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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