Bitcoin (BTC) has in fact already started the bull run, which could spark its run-up to $100,000, two popular social media personalities have said.
DataDash eyes $100K BTC bull target
The two form the latest voices from trading circles to go decisively bullish on BTC, cementing positive sentiment from Cointelegraph guests throughout January.
During that time, BTC/USD has gained over 30%, making Bitcoin the second-best major investment opportunity available in 2020, just behind Tesla stock.
Acknowledging that timeframes played an important role when determining the characteristics of a Bitcoin bull or bear market, The Moon and DataDash nonetheless shared few doubts about the market’s overall trajectory.
“Until we get to $20,000, we’re not going to see the parabolic run that we’ve seen in previous cycles, like when we went from $1,000 to $20,000 in 2017,” Merten continued.
“That’s really what I define as a key bull market for cryptocurrencies, but we’re trading higher… we’re going for higher highs and higher lows, those are all positive signs.”
Merten added that the target for the next bull cycle was between $80,000 and $100,000.
The Moon: $6K breakout sparked bull market
As Cointelegraph reported, veteran trader Peter Brandt had captured the growing sense of relief among traders in his own Market Discussion two weeks ago.
Announcing the “weak hands are out” of Bitcoin, Brandt went on record to forecast no return to previous lows around $6,000. That position subsequently gained support from fellow trader, Tone Vays, as well as Ezee Trader partner, Charlie Burton, last week.
Vays has nonetheless remained characteristically hard to convince, arguing BTC/USD should remain above $9,000 for several days to persuade him — something which did indeed come true.
Bitcoin price 7-day chart. Source: Coin360
Summarizing, Runefelt told market participants that $9,500 was now the major resistance focus.
“In my opinion, that would be the level to watch,” he said.
“...On the monthly timeframe, we’ve been in a bull market ever since Bitcoin broke back above $6,000.”
At press time, BTC/USD traded at $9,370, having reached local highs of $9,450 over the past 24 hours.
Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraph’s YouTube channel.