Bitcoin (BTC) bulls find another evidence of BTC growth to $100,000 by the end of 2020

Another $100,000-by-the-end-of 2020 forecast hits the market.
In real life, Bitcoin continues moving in a range with a bearish bias.

Bitcoin (BTC) market is painfully slow today. The first cryptocurrency dropped below the local support of $7,300 to trade marginally above $7,200 during European hours. While the first digital asset struggles to come up with a clear direction, cryptocurrency enthusiasts are looking for evidence of upcoming dramatic growth.

Recently, the founder of Silk Road, an online black market, Ross Ulbricht, suggested that Bitcoin has the potential to reach $100,000. He applied Elliot waves to Bitcoin's charts to come up with this conclusion.

After an extensive analysis, he concluded:

"Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020. However, there is no rule that market moves have to be proportional. This is just a pattern we see unfolding that may or may not continue. I should also note that these estimates are based on readings of the price of a bitcoin in the distant past. The best I can find is not very precise. If you have more precise numbers, please them in the comments with your source."

However, such forecasts are quite common in the industry. Thus, recently, a famous cryptocurrency trader Peter Brandt also forecasted that Bitcoin would reach $100,000. The same view is shared by ac co-founder of Morgan Greek Capital Antony Pompliano, while a venture capitalist Tim Draper expects to see BTC closer to $250,000 by 2023.

BTC/USD, the technical picture

On long-tern charts, BTC/USD is moving within the downside channel. The sloping resistance line that comes all the way down from this year's high of $13,862, serves as a critical resistance that separates BTC from a new bullish trend. Currently, it is registered at $9,000. Once it is broken, the bullish sentiments will start snowballing with the next focus on $9,700 ( 38.2% Fibo retracement) and psychological $10,000.

However, before we will have to pass quite a number of other resistance levels before we get to $9,000. SMA50 (Simple Moving Average) daily at $8,300 and 50% Fibo retracement at $8,400 may slow down the recovery, once it starts unraveling.

BTC/USD, the weekly chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.