Bitcoin Price Outlook: $100,000 Target on Major Technical Breakthrough

• The price of bitcoin could rise 40% to $100,000, according to technical analyst JC Parets.
• Parets said the longer bitcoin has been trading above $70,000, the greater the likelihood of its breakout.
• “I think if it has a handle of 70, if you are above 70, I think you have it for a trade and more,” Parets said.

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Bitcoin is on the verge of a major technical breakout if it manages to surpass its old record high of around $73,800.

According to technical analyst JC Parets of AllStarCharts, the longer bitcoin trades above $70,000, the more likely it is to rise to $100,000.

The cryptocurrency was trading at $71,312 at 10:16 a.m. ET.

“The idea was that [bitcoin] we were going to arrive [$]47[,000]take a break, go to [$]70[,000]take a break and, finally, go for a [$]100[,000],” Parets said on an episode of the Trends with Friends podcast late last month.

So far, so good, according to Parets.

“Well, we have to [$]47[,000], we took a break. We break out, we have to [$]70[,000], we are taking a break. As if this were perfectly normal. There are a few steps along the way. I think if it has a handle of 70, if you are above 70, I think you have it for a trade and more,” Parets said.

A $100,000 price target for bitcoin represents a potential 40% upside from current levels.

“I think ultimately it could go higher than that, but that’s the next step. But first step, now we have to clear these levels. I don’t know how long it’s going to take. It could take weeks, it could take months, it could It will take years. It still needs to absorb this indirect supply, so we will see how long it will take,” Parets said.

The price of bitcoin has surged over the past year after recovering from a brutal bear market in 2022.

Now the cryptocurrency is forming a classic technical pattern, called “cup and handle”.

This is a bullish pattern that resembles a cup, formed by a base pattern that typically looks like a “U”, followed by a handle formed by a short-term downtrend.

As soon as a security broke out above the handle, a technical analyst would buy the stock. This pattern often extends an uptrend that is already in place.

A trader could generate a measured moving price target by measuring the price depth of the cup and add that value to the cup lid.

In the case of bitcoin, it has a measured move price target of around $130,000 if the bullish cup and handle pattern materializes.

TradingView, Business Insider

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