As Bitcoin continues to fall below its recent all-time high of $73,000, determining the next trajectory of the asset has been a topic of interest in the cryptocurrency space. Well-known cryptocurrency analyst and enthusiast Javon Marks made a bold move prediction this has attracted the attention of the crypto community, predicting that the value of the digital asset will soon reach the six-digit zone and surpass the desired price level of $100,000.
Bitcoin Value to Drop Massively to $116,652
Marks bases his bullish projection on a confluence of bullish indications that point to the price of flagship crypto asset is poised for a big boost in the coming months. Additionally, Marks points to favorable market conditions, which could cause the price of Bitcoin to rise significantly.
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His predictions are in line with general market sentiment, as other traders and analysts predict substantial increases for Bitcoin due to its technical and fundamental qualities.
According to the analyst, with the confirmation of significant bullish indications, the 3D price of Bitcoin is currently holding above a vital threshold of $67,559. So, being above this crucial threshold indicates that BTC’s current technical target is $116,652.
The message read:
Bitcoin (BTC) 3D price is currently holding above a vital level at $67,559 and being above implies the current technical target is $116,652 with the main bullish indication(s) confirmed.
Javon Marks noted that with this target in place, the digital asset could rise by an additional 66.33% from its current price in order to reach the target. Meanwhile, the only obstacle could be time, which suggests a bright future for BTC.
In support of this bullish structure, the expert highlighted that Bitcoin verified another hidden bullish divergence and the one before it produced a nearly +200% increase in value. Given that the market could be quietly preparing to display a level of strength never seen before, Marks could see this as a catalyst for BTC to reach the aforementioned price target.
BTC’s 6-digit target is inevitable
Javon Marks is not the only cryptocurrency analyst to predict that the crypto asset will hit a 6-figure target in the current bull cycle. Titan of Crypto, a popular market expert also Underlines Bitcoin’s potential will exceed $100,000 in the coming months.
Considering past bull cycle trends, the expert predicts BTC to reach the coveted $111,000 price point, saying the move is inevitable. Even though this level seems intriguing, Titan of Crypto is confident that the coin could break out of this bullish cycle above this target.
At the time of writing, the Bitcoin price was trading at $67,761, representing a 1% increase in the last 24 hours. Its trading volume fell by over 14%, while its market capitalization increased by 1.05% over the past day.
Featured image from iStock, chart from Tradingview.com