An expert in trading has indicated that investors in Bitcoin ($BTC) should prepare for the possibility of the cryptocurrency reaching $100,000, but only following a significant sell-off.
In an analysis shared by TradingShot on April 10 via a post on TradingView, it was observed that although there is potential for a rebound, Bitcoin continues to experience an extended bearish trend despite some minor recovery after recent macroeconomic events.
The cryptocurrency has been consolidating for approximately two months since hitting its low in February; however, this recovery remains feeble and has not succeeded in surpassing previous highs, thereby reinforcing an overarching downtrend.
This analysis situates the current market phase within a six-month bear cycle that may persist for another six months. Utilizing a Fibonacci Channel model alongside patterns from past cycles in 2018 and 2022—which experienced substantial corrections—it suggests that this cycle could result in an overall decline of around 70% before finding its bottom.
Certain critical technical levels have been identified, including a possible interim low near $47,000 which aligns with the 350-week moving average (MA), as well as a deeper downside target around $38,000 close to the 500-week moving average. These figures correspond with previous cycle lows where long-term moving averages served as vital support areas.
Following this corrective period, projections indicate that Bitcoin will gradually regain momentum over time by reclaiming essential resistance levels and ultimately striving towards six figures.
This forecast implies that reaching the $100,000 mark is likely part of an extended recovery trajectory with late 2026 to early 2027 being viewed as the most probable timeframe if historical trends and technical indicators remain consistent.
Analysis of Bitcoin Prices
This perspective emerges while Bitcoin continues its modest upward movement. At present time, the cryptocurrency is valued at $72,675—a gain of approximately 0.7% over the last day—while it has risen more than 8% over the week.
The largest cryptocurrency globally demonstrated resilience this week by bouncing back from lows near $68,000 earlier in April. On Friday April 10th,$BTC reached an intraday peak close to $73,440 before stabilizing around the range of $72,000.
From a technical standpoint,Bitcoin currently hovers just beneath key resistance levels situated between $73K and $73.1K.A successful breakout above these thresholds could pave way for further gains towards or beyond$76Kshort term ,with support located near$70Kand$71K .
The recent rebound can largely be attributed to strong inflows into U.S.-based spot Bitcoin ETFs which recorded impressive net inflows earlier this week—one session alone saw nearly$471 million—the highest daily total since February .
The iSharesBitcoinTrust(IBIT)byBlackRockandFidelityInvestments’offering led these efforts indicating ongoing institutional interest even amidst price consolidation .
A reported ceasefire announcement betweentheU.S.andIranalso provided favorable conditionsforrisk assets helping$BTC recoverfromsub-$69klevels .