Bitcoin Price Projection Soars: BTC-Gold Ratio Indicator Proposes $120,000 Price Target. The bitcoin price has demonstrated a noticeable bullish trend during the previous week. This follows a protracted period of consolidation during which. The top cryptocurrency was stuck below the $27,000 level for a month.
But now that the price has recently broken out, there is a renewed sense of optimism in the market. Many speculate that a rise might push the price of Bitcoin past $30,000.
Bitcoin Price Bullish Momentum Continues
According to technical analyst Gert Van Lagen. A significant breakout from a long-term descending channel indicates the conclusion of a corrective wave. And the beginning of Wave 5’s parabolic rise.
Gert Van Lagen highlights the impressive finale to an enlarged flat corrective wave 4 with a 2.25-year descending channel breakout.
The ABC correction of wave four has been contained in the channel, as indicated by the green dots, with wave five approaching. A parabolic spike is anticipated when the price breaks 10% above the track. Or roughly $30,000.
Bitcoin Price Projection Soars: BTC-Gold Ratio Indicator Proposes $120,000 Price Target. Gert thinks that wave 5, or the “blow-off wave,” may increase rapidly, with the final impulse showing a substantial upward movement.
The possibility of further upside increases is encouraging, but it’s essential to consider important factors and possible invalidation points. In this case, paying attention to $13,800 would be crucial because wave four’s intersection with wave one constitutes the invalidation point.
Bitcoin-Gold Ratio Indicator
The co-founders of Glassnode, well-known players in the crypto analytics sector, have indicated their conviction that Bitcoin has the potential to reach six figures. They point out the BTC to Gold ratio and say that Bitcoin might eventually cost 98 times as much as Gold.
The Glassnode researchers examine this ratio and find several encouraging signs that the bitcoin price is about to increase.
The RSI’s (Relative Strength Index) rising trend and position above 50 indicate growing purchasing pressure and positive momentum. The increasing trend and the positive MACD (Moving Average Convergence Divergence) crossover both support the bullish outlook for Bitcoin.
According to the analysis, the Fibonacci extensions indicate that Bitcoin’s value levels might reach over $120,000, while Gold’s price remains at about $1,200.
Six-figure valuations for Bitcoin can draw additional investors and bolster the currency’s position as a digital store of value.
The anticipated increase in the price of Bitcoin would probably have a knock-on effect, boosting interest in and investment in the more significant cryptocurrency industry.
BTC is trading at $27,900, just under the crucial psychological threshold of $28,000. This level represents a critical point for the current adverse feeling toward BTC.
BTC has to retain support near the $27,000 level to maintain its bullish momentum. BTC can retake the $30,000 barrier and go for the annual high of $31,800 by breaking through the existing resistance line at its current trading level.
With the potential for consolidation above the $40,000 level. This upward momentum might set the cryptocurrency to target the 1-year resistance level at $39,000.