Bitcoin Explodes: Is The Stage Set For $100,000 In 3 Months?

Bitcoin is firm, racing higher at spot rates following the decision by the Federal Reserve to slash rates for the first time in over four years. The build-up to yesterday’s move saw BTC break above $62,000. As it is, the uptrend remains, and as long as the support zone of $58,000 and $60,000 holds, the path of least resistance remains northwards. Traders can look for opportunities to load the dips targeting $70,000 in the coming sessions.

At spot rates, Bitcoin is stable, adding 7% in the previous week. Meanwhile, due to the excitement around the Federal Reserve rate cut, trading volume is up, averaging over $47 billion on the last day. From a liquidity perspective, as prices continue rising, liquidity will also rise in tandem, a net positive for traders.

Traders are closely monitoring the following trending Bitcoin news:

• Even with an accommodative monetary policy in the United States and the community expecting prices to rapidly expand, analysts have a different take. In their view, looking at history, especially after Halving, prices will begin rising and building momentum within the next three weeks.
• Analysts, in their view, expect BTC prices to go “exponential” regardless of the outcome of the United States elections. With rates cut, there will be a drive by investors to secure value by channeling funds to safe havens like Bitcoin.

Bitcoin Price Analysis

BTC/USD is in the green at spot rates.

As long as prices are above the September 17 range, every low should offer entries for longs, targeting $66,000 in the short term.

On the lower end, the primary support is at the $56,500 zone.

Conservative traders might find entries above $66,000 and even $70,000.

When this prints out, Bitcoin may fly to $74,000 and all-time highs, even above $100,000.

Conversely, any unexpected dip below $56,500 cancels this outlook, allowing sellers to unload, targeting $50,000.