The technical analysis for Bitcoin points towards registering another ATH before the end of the year. It is important to understand that this analytical prediction is highly conditional. The investors who are just starting in the market should not take this as a bit of professional investment advice and refer to paid consultants to guide them better.
Provided that the on-chain metrics remain neutral from the impact of increasing selling pressure, there is a strong chance that Bitcoin can go as high as $95K by December. Another important condition for the bull market to continue is that all the major technical price targets for the flagship cryptocurrency are met within the proposed timeline.
Daniel Joe recently shared a market condition that could allow Bitcoin to get a price evaluation, like $95K. He notes that Bitcoin needs to double down on its current price mark for the new ATH registration. At present, Bitcoin is valued at $48K per unit. Bitcoin must reach an important resistance area of $51,100 to $58,000.
This is going to be the second time; BTC will retest this resistant point in the same year. Long-term holders and institutional investors holding Bitcoin reserves can contribute to creating a suitable amount of liquid supply. An important technical indicator is the Elliot wave build-up that has been forming since 2018. Thus far, BTC managed to go $64K peak with the 3rd wave, back to the $28K correction in the 4th wave correction, and if the same pattern does not break, it is posed for riding above $95K in the 5th bullish wave.
The crypto analyst explains that Bitcoin may reach a highly anticipated 6-figure evaluation in the same year. He predicts that there is a chance for Bitcoin to get to this power-point by December or in the first quarter of 2022. This scenario is conditioned with a massive amount of supply exhaustion to occur on the BTC network.
Furthermore, the MVRV or the Market value to Realize Value index must get back to the last peak values when Bitcoin is going to start posting $10K candles more often. Under this situation, the flagship cryptocurrency will be in a state of parabolic climb. At present, the ideal condition for BTC is to get to the major resistance levels of $51K to $58K for a bull market continuation. The market sentiment for the beacon coin among investors also needs to stay positive for a while for another ATH to occur.