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Bitcoin Price Outlook: $100,000 Target on Big Technical Breakout

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  • The price of bitcoin could rise 40% to $100,000, according to technical analyst JC Parets.
  • Parets said the higher bitcoin trades above $70,000, the more likely it is to break through.
  • “I think if he has a 70 handle, if you’re above 70, I think you own him for a trade and then some,” Parets said.

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Bitcoin is poised for a big technical breakthrough if it can surpass its old high of around $73,800.

According to technical analyst JC Parets of AllStarCharts, the higher bitcoin trades above $70,000, the more likely it is to climb to $100,000.

The cryptocurrency was trading at $71,312 as of 10:16 a.m. ET.

“The idea was that we [bitcoin] were going to arrive at [$]47[,000]take a break, go to [$]70[,000]take a break, then finally move on to a [$]100[,000]” Parets said in an episode of the Trends with Friends podcast late last month.

So far, so good, according to Parets.

“Well, we have to [$]47[,000], we took a break. We had a blast and arrived at [$]70[,000], we take a break. As if it were completely normal. There are sort of steps along the way. I think if he has a 70 handle, if you’re above 70, I think you own him for a trade and more,” Parets said.

A $100,000 price target for Bitcoin represents a potential upside of 40% from current levels.

“I think ultimately it may go higher than that, but that’s kind of the next step. But step one, now we have to eliminate these levels. I don’t know how long that’s going to take It could take weeks, could take months, could take years. It hasn’t absorbed that overhead yet, so we’ll see how long it takes,” Parets said.

Bitcoin’s price has surged over the past year after recovering from a brutal bear market in 2022.

Today, cryptocurrency forms a classic technical pattern, called “cup and handle”.

This is a bullish pattern that resembles a cup, formed by a base pattern that generally resembles a “U”, followed by a handle formed by a short-term downtrend.

Once a stock exceeds the handle, a technical analyst buys the stock. This pattern generally extends an uptrend already in place.

A trader could generate a measured price target move by measuring the depth of the cup in the price and add that amount to the cup lid.

In the case of Bitcoin, its measured price target is around $130,000 if the bullish cup-and-handle pattern materializes.

TradingView, Business Insider

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