Bitcoin Prepares for a Major Breakout Setting Sights to New ATH of $99,000 – $100,000
- Bitcoin price chart shows a new bullish indicator.
- Analyst notices a major breakout sign for BTC.
- The next ATH for BTC could appear between $99,000 – $100,000 soon.
Bitcoin (BTC) price continues its steady sideways movement on the higher side of the $60,000 range. The asset is currently at the $67,000 target and continues to show bullish signs. With the expectation of a bullish Q4, October has shown strong pump indicators for BTC and analysts hope to see a new ATH for BTC soon.
Bitcoin Prepares for Breakout to $99,000 – $100,000
Many analysts expect BTC to hit its previous ATH in the coming weeks and then shoot into price discovery range. This brings predictions of BTC hitting $100,000 to $150,000 by the end of Q4. As for BTC cycle top prices, these predictions range from $220,000 to $550,000. Presently, one analyst shares his take on what could be Bitcoin’s next ATH target.
$BTC (Bitcoin) BREAKOUT ALERT 🚨!
Target for this pattern,
$99,000 to $100,000 https://t.co/prtf8RK7j2 pic.twitter.com/QOav4MEqHL
— JAVON⚡️MARKS (@JavonTM1) October 26, 2024
As we can see from the post above, the target is set for a price breakout. Based on the BTC price chart shared by the analyst above, the pioneer crypto asset is set for a massive price breakout which could take the value of BTC to $99,000 to $100,000. Indeed, this is a highly bullish sign for Bitcoin to achieve in Q4.
Analyst Prefers No Shorts During This Macro Bull Market
Adding to the bullish narrative is another analyst who explains why shorting is not the best idea during current market dips. In particular, many analysts expect steady sideways movements where BTC price could fluctuate unexpectedly and by a huge amount. In a bullish state, BTC price can be extremely volatile.
“But Miles, if you knew the market would dip – why wouldn’t you short?”
1. Even if I’m 100% certain of a dip, all it takes is your timing to be off by 1-2 days to get wiped on a leverage short.
2. If I’m wary of a pullback, I prefer to spot-sell in order to recapitalise my…
— Miles Deutscher (@milesdeutscher) October 26, 2024
Thus, the analyst goes on to explain that even if he is a 100% certain of a dip, all it takes is a trader’s timing to be off by 1-2 days to get wiped on a leverage short. So, if he’s wary of a pullback, he’d prefer to spot-sell to recapitalise his stablecoin stocks. Spot selling is effectively the same as short selling minus leverage.
Finally, he states that this is a macro bull market. Therefore, unless he’s a scalper, which he clearly states that he is not, positioning short at any point is an extremely risky move as momentum is against can easily be against him. The inverse, he says, is also true for a macro bear market. He ends his post by saying that the trend is your friend until the end of the trend.
