Looking ahead, there are numerous ways the rest of the present cycle can play out progressing. The following are 2 scenarios we are anticipating to play out as long as the technical and on-chain data continue to reveal strength.
Our cost targets are heavily time-based, condition-based, and mix several types of analysis. Assuming bitcoin price reaches major technical targets to the upside and on-chain metrics are flashing substantial sell signals, the probability of a bull market top will increase considerably.
If significant technical targets to the advantage are tested, and on-chain metrics reveal little to no signs of significant selling pressure – – BTC can easily push greater.
As constantly– the following is not financial recommendations and the sole opinion of the author. Please refer to the full disclaimer at the bottom of this page.
Base Case: $96k by December 2021
Our company believe BTC can reach $96k by December 2021 in our base case situation. BTC will only have to double at present prices (~$48k as of writing these lines), which we believe is sensible thinking about the deep supply exhaustion BTC remains in.
To reach this level of $96k, BTC needs to first press above the significant resistance zone between $51.1-58k.
During this retest of significant resistance, it is essential to keep track of on-chain metrics and particularly confirm that long-term holders and entities holding large quantities of illiquid supply are not offering.
If no on-chain sell signals are flashing, this will likely lead the way for a retest of the present all-time high (~$65k) taped in April 2021. The chart listed below shows a rough quote of one of lots of courses BTC could take to reach our base case target of $96k.