Cryptocurrency analyst Javon Marks maintains his forecast for Bitcoin to rise 84% and reach the six-digit price range after breaking out of that range.
Today bitcoin newsMarks noted that the largest cryptocurrency by market capitalization is poised for an 84% increase from its current price of $63,500. analyst said The top crypto asset will break through the key resistance level at $67,556 before reaching the $116,600 target.
Analysts remain bullish on Bitcoin
Notably, Marks speculates that this will prevent Bitcoin from rising to $116,600 for some time. On September 22nd, the experienced analyst claimed that Bitcoin seems poised to push up its price target.
According to our analysis, Bitcoin has risen from a price of around $64,000, but failed to break through the key resistance level at $67,556. This first crypto asset peaked at $66,520 on September 27th before the price recently fell and retested $60,000.
But Bitcoin has shown resilience amidst growth geopolitical tensionsand Marks expects the asset to eventually break through the $67,556 resistance. It's worth mentioning that the analysts did not provide a timeline for this impending surge to materialize.
Meanwhile, Javon Marks based his argument on Bitcoin’s potential to break out of the price range it has formed since March’s all-time high of $73,949. According to the charts accompanying his analysis, Bitcoin is in a falling wedge price pattern, and he expects a breakout soon.
Notably, Marks cites a similar breakout last year that pushed Bitcoin to all-time highs in March. This price range appears to be synonymous with the latest pattern, and market commentators are expecting a similar price move when Bitcoin finally breaks out.
Other analysts are predicting similar price movements.
Interestingly, Marks is not the only market observer who expects Bitcoin to trade in six digits. Many other analysts predict that this premium asset will soon trade above $100,000.
Analyst Mickey Bull I'm looking forward to it Bitcoin surges to the 1.618 and 2.272 Fibonacci extension levels, pushing the price to $90,000 and $110,000, respectively. However, an experienced analyst said that Bitcoin will trade at those levels after the Elliott Wave price pattern is completed.
Plus, providers of insight and commentary predicted Bitcoin will trade at $106,713 by December. The analysis hinged on the past performance of the largest crypto assets when September ended with a profit.
Meanwhile, Bitcoin has gained 2.3% in the past 24 hours, and its market size remains at $1.25 trillion. The broader cryptocurrency market capitalization also rose 2.49% in the past day to $2.21 trillion.
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