Bitcoin (BTC) appeared to be on its way to reclaiming its prior all-time highs after scaling up to a relative high of around $53,000 just over two weeks ago. However, due over the last week, the flagship crypto by total market capitalization has lost about 13% of its value.
Despite Bitcoin’s recent struggles, a price target of $100,000 appears to be a reasonable target for BTC according to popular trader Tone Vays.
According to the veteran trader,Bitcoin (BTC) likely finish its recent fall soon, before launching a rapid climb to six figures.
Vays claims that BTC’s latest price behaviour resembles that of July, when the flagship cryptocurrency plummeted to a yearly low under $29,000 before recovering strongly to $52,000 in less than six weeks.
“I would like to see a spike down tomorrow or the next day, taking us into that $43,000 range with a big follow through to the upside then after.”
According to Vays, Bitcoin is likely to sink lower for a short period of time, giving traders the opportunity to buy BTC near the $40,000 level.
BTC to hit $100K by December!
Vays lays out a route to $100,000 BTC by the start of 2022, assuming Bitcoin bounces from the $40,000 support zone.
He goes on to say, a $40,000 low is expected either next week or later in the week. BTC will break $50,000.By early November, the token will surpass $65,000, and by the end of December, it will be hovering around $100,000.
“So I’m sticking to my prediction that we’ll hit $100,000 in December.”
At the time of writing, BTC is trading at $46,690 up by 4.6% in the last 24 hours.