Bitcoin More Likely to Hit $100k than Drop to $30k – Analyst Says

The price of Bitcoin has stagnated for over a week now, fluctuating between $40,000 and $38,000. Some Investors have started to lose interest as a result and many have lost hope of a price rally in the short term. Some analysts have worsened the bearish sentiment by predicting that the price may crash to $36,000 or lower before finding support for a bounce.

Even veteran trader Peter Brandt said that there is the possibility of the price crashing to $28,000 before any rally can be expected. However, there seems to be better hope than is expected.

Popular crypto trader Credible Crypto is optimistic that Bitcoin is more likely to go to $100k even in the short term as opposed to the bearish predictions by most traders. He even sees the possibility of the price going to six figures in no time, but where is his optimism coming from?

Historical pattern may repeat itself

Bitcoin’s price was expected to drop to new lows in early 2019. This was expected as a major capitulation was expected at the time. It turned out that traders did not capitulate as expected, so the price bounced instead of dropping to the predicted new levels. Credible Crypto believes this may play out again as the current market resembles that of 2019.

But again, based on market context and everything else that I’ve seen, I think that’s a little bit more unlikely; I think it’s a lot more likely that we leave these lows untapped and simply continue up.

This is in addition to the fact that there have been massive Bitcoin outflows from exchanges since the year began, which is generally a sign of optimism among investors. It suggests that investors are bullish about Bitcoin and are withdrawing their assets to private wallets with no intention to sell.

Holding Bitcoin rather than selling typically results in a price rise rather than a crash, which explains Credible Crypto’s optimism at this time.

Bitcoin still holding $38k

Despite the expectation that the price will crash to $36,000, Bitcoin has managed to hold above $38,000 for the past two days. The RSI is currently at 41, which is close enough to being oversold.

Ideally, the next direction should be up, but the RSI has dropped below this level recently, reaching as low as 28. All fingers therefore remain crossed to see what happens next, but anything is better than nothing which the market is doing now.

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