Bitcoin price is swinging around $47,000, attempting very hard to prevent further drain. After a notable dip from the levels around $49,318, a healthy consolidation keeps the hopes for an uptrend alive. Despite multiple bearish predictions, yet the BTC price is could hit levels above $100K very soon.
With the Fibonacci extension levels applied to the daily BTC chart, the possibilities of the price jumping to $76K in the coming day’s surfaces. One of the popular analysts, TradingShot predicts a longer run for the asset. As per the prediction, the price could hit more than $110K by the end of 2021.
The analyst points out the support and volatility at the Fib levels. Considering the previous levels, in May 2020, when the volatility was at 0.5 Fib, the price rose to form new support levels at 1.0 Fib. Further, the volatility was around 1.5 Fib and the support levels jump to 2.0 Fib levels.
During the peak of the BTC price rally at $64,000, the volatility resided at 2.5 Fib levels but the support flipped down to 2.0 Fib levels. As the price is bouncing back, the volatility is again at 2.5 Fib levels and the next support would be at 3.0 Fib levels which comes around $72,000.
Collectively, Bitcoin price is currently eyes for a notable surge. This could add up nearly another 15% to hit the ATH very soon. But the speculated dip which could drag the BTC price close to $44,000 cannot be ruled out. Discarding all the odds, yet the price could propel to its highs above $100K by 2021 or early 2022.