Bitcoin (BTC) has spent nearly 900 days correcting its high $ 20,000 time – but its journey to $ 100,000 is about to begin.
That is the opinion of popular social media traders and analysts Positive crypto, which declared on May 29 that the 896-day rise of & # 39; s largest cryptocurrency would soon be over.
BTC price to break "consolidation structure"
According to an accompanying chart, the time since December 2017 has been "one massive accumulation phase" in which investors & # 39; t reinvest themselves and buy in.
This "consolidation structure," as Positive Crypto calls it, is now ripe for disintegration, to give way to a new bulwark that will erase the $ 20,000 zone.
He wrote in comments:
The last 896 days were just one massive re-accumulation phase for the run-up to 100k + #bitcoin, and the consolidation structure will soon be broken. Are you ready?
Despite daring to halve and after, the Bitcoin price loss has fully recovered from its March crash, which does not have Positive Crypto notes a "higher low" compared to the peak of # 39 ; e bear market in December 2018.
That cycle of "higher lows" even positions the market for upside, the chart suggests.
BTC / USD 3-year chart with "consolidation structure." Source: Positive Crypto / Twitter
Are shepherds really prepared for $ 100,000?
As Cointelegraph reported, several analysts are now convinced that after halving & # 39; s funding for this one-month grant, a bullish trend will emerge for Bitcoin within the next one to two years at most.
Perhaps most miraculously, PlanB's stock-to-flow model predicts a $ 288,000 price tag by 2024, with & # 39; t highlights of & # 39; time easily twice that – $ 576,000 per Bitcoin.
Network indicators also provide food for thought. For example, 60% of the Bitcoin offer has not moved in a year or more, a trend that has remained the same for five months, despite wildly varying price performance.
Bitcoin's position in its current so-called & # 39; hodl wave & # 39 ;, says supply data, has triggered bull runs in every previous cycle.
Sales appear low on & # 39; list of investors' priorities – exchange reserves are now at their lowest since December 2018.