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Bitcoin Steps Closer to $100K as Crypto Market Reaches $2T

Bitcoin-BTC-Steps- Closer-$100K
  • Crypto analyst says Bitcoin (BTC) is on its way to hit $100,000.
  • The Bitcoin Standard Conference went successfully and will likely come back next year.
  • The UAE is gearing up for a very eventful crypto-oriented Q4.

Crypto analyst and trader — Tone Vays, shares a video on this Twitter page. The video goes on to explain why he believes Bitcoin (BTC) could hit the $100,000 price mark this year. Additionally, he also talks of upcoming crypto conferences in the UAE. Not to forget, he even speaks of the successful Bitcoin Standard Conference in Mexico.

The start of the video explores the blunders of an experiment that politicized fiat money in 1971. Eventually, Tone continues on to explore the current position of Bitcoin. Specifically, he pulls up Bitcoin’s weekly chart. He says it looks positive as this is the fourth consecutive up week.

In detail, Tone says that the MRI is positive and bullish as Bitcoin’s readings have broken the Lucid SAR as well as the prior swing high. Presently, Bitcoin is sitting near resistance of the prior consolidated swing low.  

Moreover, he says that Bitcoin’s current position is above all three of the moving averages, out of which, two are already rising. Meanwhile, the third is only a week away from the moving average’s crossing which will have it properly acting in sequence.

This means that there is only one thing left for Bitcoin to be completely bullish, and that is to flip the 20-period moving average from a downtrend to an uptrend. Additionally, the MACD should also be crossing over next week — another bullish element.

After this, Tone pulls up Bitcoin’s daily chart and notes that there have been small pullbacks. He says that this is a very very bullish sign as this is a similar reflection of the pullback made in the 200-day moving average. He says soon Bitcoin will bounce back to the $50,000 mark.

To highlight, he says that we will most likely see one more pullback after breaking the $50,000 price mark. In particular, after this other pullback, Bitcoin will most likely skyrocket to the $100,000 price mark. Tone seems quite certain about this eventual ATH being a very high possibility for Bitcoin to reach in 2021.  

Finally, Tone speaks of his Understanding Bitcoin conference set to take place on October 14-15, 2021 at the Atlantis, The Palm, Dubai. To add, he also brings up the Financial Summit 2021 from November 6-12 in Ras Al Khaimah, UAE. It seems the UAE is all set for a very eventful Q4 when it comes to crypto as it also has the Crypto Expo Dubai 2021 taking place on October 13-14. All in all, Bitcoin’s position and holding is still going strong. Especially since the crypto market has hit $2,000,000,000,000.

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An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.