Bitcoin Predicted to Surge to Six-Figure Price Amid Potential Correction
Bitcoin is predicted by crypto analyst Inmoral to rise to six-figures, potentially reaching $100,000 after testing $85,000. A retest of the monthly open price is necessary. Additionally, Solana is expected to recover from its significant dip, echoing its performance in 2021.
A prominent crypto analyst has predicted that Bitcoin (BTC) is on the verge of a significant upward movement towards a six-figure price. However, he cautions that this trajectory may involve an initial correction. In a recent thread, pseudonymous trader Inmoral informed his 230,800 followers on platform X that he expects Bitcoin to hit approximately $85,000 before continuing its rise towards $100,000.
According to Inmoral, after reaching around $90,000, Bitcoin will face a critical test. He noted that before crossing this price point, it is essential to retest the monthly opening price, which was $84,373 on March 1st. At the time of writing, Bitcoin is trading at $87,015, reflecting a modest increase over the past 24 hours.
In addition to Bitcoin, Inmoral provided insights on Solana (SOL), suggesting the cryptocurrency, which has seen a decline of over 60%, is poised for a rebound similar to its past performance in 2021. He stated, \”In 2021, SOL did a -67% right before a +1200%. Just a reminder, the current -61% dip is not a game over.\” At present, Solana is priced at $134.60, having experienced a minor decrease of 1.2% in the last day.
In summary, the projected trajectory for Bitcoin suggests potential growth towards a six-figure valuation, contingent upon overcoming initial resistance levels. The analysis indicates a need for retesting critical price points, particularly the monthly opening price. Furthermore, parallel recovery trends are anticipated for Solana following notable dips, emphasizing the volatile yet potentially rewarding nature of cryptocurrency investments.
Original Source: dailyhodl.com
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