Bitcoin Holding Above $52K Puts Crypto On Track For $100K

Bitcoin price has retraced by more than 10% following new record highs set over the weekend, however, according to one capital manager, the cryptocurrency holding above $52K would keep price action within a long-term rising bull channel.

If that happens, the first ever cryptocurrency will remain on track for $100K or more in the coming months ahead. Here’s a closer look at the bullish uptrend channel keeping the ongoing rally afloat, and what might happen next.

Bitcoin Must Hold Bull Trend Channel At $52K, Claims Capital Manager

Speculation over Bitcoin price action has turned from blasting toward new highs to correction. The leading cryptocurrency by market cap bled out more than 10% in a sharp move overnight, which could be the start of some deeper downside.

Related Reading | Expert Take: Bitcoin Has Become A Monetary “Manipulation Gauge”

But as long as Bitcoin price holds above $52K, according to Vailshire Capital CEO Jeff Ross, a long-term, parallel bull channel will remain in tact.

The parallel uptrend channel, according to Ross’ chart, began with a breakout above the former all-time high at $20K Since then, price action has ping-ponged within the rising, bullish channel, taking the asset to three-times that former peak.

bitcoin bullish

Bitcoin price is still trading well within the parallel bull trend channel | Source: BTCUSD on TradingView.com

Crypto Correction Within Larger Bull Trend “Confines,” Track To $100K Intact

Ross also says that if this uptrend channel holds, Bitcoin price is well on its way to prices of $100K per coin or higher in the coming months all based on the current technical picture.

Fundamentally, Ross says that on-chain metrics such as address growth and blockchain activity are bullish, and the macro environment is “wildly bullish” for Bitcoin.

Related Reading | Bitcoin Price Could Close March With First Ever Quarterly Bear Signal

The comment is likely in reference to that fact that the US government just issued another trillion…

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