Is THIS a highly anticipated price action scenario for Bitcoin

Is THIS a highly anticipated price action scenario for Bitcoin

Bitcoin continued its ongoing ascent at press time as it bounced off its previous resistance area. At the time of writing, it was trading past the $50k mark with a surge of 5% in 24 hours. Does it give a clear signal for a complete bullish scenario?

Well, not really. At least for the short-term, some consolidation exists.

Stocks tank; Is a giant market crash really coming? Key level breached says Gareth Soloway https://t.co/TWm6Aw2THT #kitconews #gold #silver #investing #metals #mining #finance #economics— Kitco NEWS (@KitcoNewsNOW) October 5, 2021

Gareth Soloway, the chief market strategist at InTheMoneyStocks.com discussed the same in the latest Kitco news interview. A certain amount of consolidation is bound to be there, followed by a surge later down the line. When asked to comment on whether the biggest crash in world history is going to come this year or month, the chief market strategist cited,

“This might eventually come, but I am not in the camp that it’ll happen in October. I think the Fed again has too much money that they can pump into the markets.”

This certainly juxtaposed with Robert Kiyosaki‘s October crash prediction.

Moving on to the BTC bits, he opined that Bitcoin could witness a major fall before surging into the 6 figure mark.

“I still anticipate… a little higher to $50,000, which I think is likely you’ll then start to roll over. Eventually breaking $40,000 here and trading between $30,000 and $40,000 before breaking that support. At $30,000 and going down to that $18,000 to $20,000 marker, so again as of now, this is the price action that generally you would anticipate.”

Nevertheless, Soloway considered that people rooting for Bitcoin to go to $100,000 or more have “some teeth to their arguments.” “It’s a possible scenario (for the long-term),” he added. However, for now, the chart was still firmly defined by Bitcoin’s previous two-cycle cycles.

In addition to this, Chris Vermeulen, Chief Market Strategist at investment advisory firm TheTechnicalTraders.com rode the same bandwagon. As covered before, he reiterated a similar narrative, i.e. Bitcoin would undergo some consolidation before bursting out to the $100k mark.

Nevertheless, the long-term HODLers remain undeterred by the temporary decline. The tweet below highlights the same,

#Bitcoin Long Term Holders have added 2.35M $BTC to their stacks since their supply bottomed out in March.In that same period, only 180k $BTC were mined.This means LTHs have hodled 13x more coins than were produced via fresh issuance over the last 7 months. pic.twitter.com/0TkkibYcfs— Jan & Yann (@Negentropic_) October 5, 2021

The said six-digit mark certainly looks like a milestone that BTC should achieve. Especially after different individuals, even banks having predicted this same benchmark. For instance, British bank Standard Chartered projected BTC to hit the $100k either this year or early 2022.

Source