- Blockstream CEO Adam Back predicts Bitcoin (BTC) will surpass $100,000 before its 2024 halving event.
- Currently, Bitcoin struggles to break the crucial resistance level of $30,000.
- Still, BTC golden cross and moving averages hint at potential future price growth.
While Bitcoin (BTC) trading below $30K range, experts are pointing to bullish indicators that hint at the possibility of Bitcoin reaching an all-time high in the near future. Blockstream, a leading blockchain technology service provider, CEO Adam Back, one of crypto pioneers recently engaged in a million-dollar wager regarding Bitcoin’s price trajectory. He believes that BTC would reach $100,000 by March 31, 2024.
Blockstream CEO confidently predicted that Bitcoin will surge over $100,000 before the BTC halving event which is expected to happen in 2024. This wager was made in response to a challenge posed by X (formerly known as Twitter) user Vikingobbitcoin, who believes the milestone won’t be reached until 2025. Adam tweeted about the bet to his 540K followers.
However, Bitcoin remains standing at $29K, teasing $30K for the past few months. What will it take to push it past $30K?
Bitcoin (BTC) 24-Hour Price Analysis
BTC has maintained its value below the $30,000 mark, with the asset struggling to break the crucial resistance level amid extended consolidation across the global crypto market. At the time of writing, Bitcoin price stands at $29,099 with a 24 hour trading volume of $8 billion, indicating a 28% surge in trading activity. Also, Bitcoin price has seen a slight surge of 0.5% in a day.
Bitcoin (BTC) Price Chart (Source: Tradingview)
This recent price movement comes as the 50-day moving average approaches the 200-day moving average, signalling a potential buy opportunity. Daily frame chart displays the price of Bitcoin below the 50 Exponential Moving Average (EMA). Further, Relative Strength Index (RSI) currently stands at oversold state, indicating a slight advantage for bears.
If Bitcoin manages to breach the $31,106 resistance level, it could pave the way for a substantial rise to $38,779. Conversely, if the bears take the lead the price of BTC immediately moves below the support at the level of $28,410 and might head to a downward shift, targeting levels of $27,088 and potentially even $24,947.
Further, Bitcoin’s technical analysis suggests that the cryptocurrency might be headed for another all-time high based on historical price movements.
Bitcoin (BTC) Chart (Source: Tradingview)
A notable development is the recent accomplishment of the third-ever golden cross pattern, a long-term bullish signal. The golden cross is a bullish breakout pattern formed from a crossover, which a short-term moving average crosses above a long-term moving average. Crypto trading analyst TradingShot highlighted this pattern on August 4, noting that historical instances of this pattern have been associated with significant rallies to all-time highs.
In the 3 day time-frame, Bitcoin just formed a Golden Cross. The MA200 provided support to a fresh all time high rally when BTC completed this pattern last two times.
Will Bitcoin Price reach $100,000 before halving? Share your thoughts by tweeting us at @The_NewsCrypto
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