Prominent crypto analyst and CIO of Adaptive Capital, Murad Mahmudov, says he believes Bitcoin is on a trajectory to $100,000.
Mahmudov, a former financial analyst at Goldman Sachs, says traders should take the long view toward investing in BTC.
Mahmudov joins a number of Bitcoin bulls including Wall Street veteran Max Keiser and Morgan Creek Digital founder Anthony Pompliano, who have all recently called Bitcoin’s rise to $100,000. Keiser has avoided placing a date on when BTC will hit the big number, with Pompliano saying he thinks it will happen by 2021.
Meanwhile, billionaire venture capitalist Tim Draper recently updated his forecast, saying he believes Bitcoin will reach $250,000 by early 2023.
Mahmudov says Bitcoin’s move below $11,000 was expected, and the first level of support was broken at $10,800.
“200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the order book support across exchanges.
A number of confluences pointing to that level on the Daily as well. Goes without saying that this is not financial advice, but If I were a betting man, I would be patiently and slowly adding at every key support.”
According to Mahmudov, the next level of support now stands at $9,750.
Meanwhile, CoinDesk analyst Omkar Godbole says despite the apparent bullish exhaustion, a bearish reversal “would be confirmed only if BTC ends the current month below July’s low of $9,049.”
Bitcoin is currently down 6.50% at $10,618 according to the latest data from CoinMarketCap at time of publishing.
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