Leading cryptocurrency Bitcoin (BTC) has been experiencing sharp corrections for the past two months, falling to the $80,000 level. However, this week, it has rebounded to over $91,000.
As BTC experiences a strong recovery, expectations for $100,000 are also increasing.
At this point, one analyst predicted that BTC could soon reach $100,000 based on the Fibonacci retracement.
Speaking to Coindesk, FxPro analyst Alex Kuptsikevich said that Bitcoin has regained the same Fibonacci level that served as resistance during its previous recoveries.
Kuptsikevich noted that Bitcoin has broken the $91,000 barrier and reached the 61.8% Fibonacci golden ratio level of its decline between November 11-21.
He added that if this recovery continues in the coming days, the price could soon climb to the $100,000 mark.
Bitcoin surpassed the $91,000 level, rising to 7-day highs and returning to the 61.8% level, the classic Fibonacci retracement level of the November 11-21 crash.
If the recovery doesn’t lose momentum at these levels in the coming hours, we can soon expect the price to rally towards the $100,000 level and attempt to break out of an even more significant round level.
Options flow on Deribit is also showing a similar trend, according to the analyst. While large trades are focused on bullish structures in the $100,000–$118,000 range, a more significant macro catalyst is expected for BTC to break above $120,000.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/the-date-is-different-but-the-title-is-the-same-will-bitcoin-btc-exceed-100000-analyst-answers/
