Bitcoin (BTC) has spent almost 900 days correcting from its $20,000 all-time highs — but its trip to $100,000 is about to start.
That is the opinion of popular social media trader and analyst Credible Crypto, who on May 29 declared that the largest cryptocurrency’s 896-day climbdown would soon be over.
BTC price to break “consolidation structure”
According to an accompanying chart, the time since December 2017 has been “one massive accumulation phase,” during which investors repositioned themselves and bought in.
This “consolidation structure,” as Credible Crypto calls it, is now ripe for disintegration, to give way to a new bull run which will obliterate the $20,000 zone.
He wrote in comments:
The last 896 days were simply one massive re-accumulation phase before the run to 100k+ #bitcoin, and the consolidation structure will soon be broken. Are you prepared?
Despite wobbling around the halving and after, the Bitcoin price has entirely erased losses from its March crash, which Credible Crypto notes formed a “higher low” compared to the peak of the bear market in December 2018.
That cycle of “higher lows” itself positions the market for upside, the chart suggests.
BTC/USD 3-year chart showing “consolidation structure.” Source: Positive Crypto/ Twitter
Are hodlers really preparing for $100,000?
As Cointelegraph reported, various analysts are now convinced that after this month’s block subsidy halving, a bullish trend will kick in for Bitcoin within the next one-to-two years at most.
Perhaps most daringly, PlanB’s stock-to-flow model predicts a $288,000 price tag by 2024, with all-time highs easily being two times that — $576,000 per Bitcoin.
Network indicators are also providing food for thought. Sixty percent of the Bitcoin supply, for example, has not moved in a year or more, a trend which has stayed the same for five months, despite wildly varied price performance.
Bitcoin’s position in its current so-called “hodl wave,” supply data says, has triggered bull runs in every previous cycle.
Selling appears low on investors’ list of priorities — exchange reserves are now at their lowest since December 2018.