Bitcoin (BTC) for the past seven days, has not been able to stabilize above $85,000 as it continues to witness intense volatility. The coin has managed an average price of between $82,000 and $83,000 in the cryptocurrency market.
Despite the price fluctuation, Josh Mandell, a crypto millionaire and analyst, has made a bold prediction. Mandell has opined the possible price expectation within the next 15 days, projecting a rebound to the psychological $100,000 by the end of March.
According to Mandell, performance is a critical factor that could determine the price trajectory of BTC and its rally. He identifies $84,000 as a key level and the coin’s ability to stabilize at range as a critical launchpad for future gains.
“If it closes at 84K exactly, we run the table … HISTORIC moves,” Mandell wrote. This means a massive historic rally would likely occur if BTC stabilized at $84,000.
However, the crypto millionaire noted that if the price of BTC closes way above $84,000, this could trigger a pullback in the market. Such a scenario might cause the anticipated rally to fail.
This suggests that exceeding the critical mark too quickly could trigger a technical reversal. It might also lead to exhaustion and profit-taking among market participants, causing a slip.
Notably, due to the volatility in the crypto market and other liquidity dynamics, analysts maintain that these factors could result in different price actions for the leading digital asset.
Some market participants have expressed optimism that, given the market signals, a rally could begin this week with the prediction of it retesting its ATH by June. However, others have called for patience, noting that the broader financial market dynamics could impact projections.
Market observers believe a major shock to the crypto and financial space could help ignite a price shift and awaken Bitcoin from its stagnation.
As of this writing, Bitcoin traded at $84,296.40, representing a 0.03% increase in the last 24 hours. The coin had climbed from a low of $82,393.57 to a high of $85,051.60 before settling at the current price.
Investors, however, have not rekindled their enthusiasm for the coin as trading volume has dipped by a significant 14.65% to $15.95 billion within the same time frame.
The post Crypto Millionaire Says Bitcoin Likely to Hit $100K This Month appeared first on TheCoinrise.com.
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