Bitcoin Trader Sees $100K Target Before Midterm Elections
A cryptocurrency trader believes Bitcoin could stage a significant recovery in the coming weeks and reclaim its $100,000 level before the U.S. midterm elections.
The prediction comes from Will Meade, who pointed to Bitcoin's daily chart and described the current structure as a 'textbook high and tight flag'.
This pattern typically forms after a sharp price advance, where the asset enters a period of consolidation before pushing higher.
In this case, Bitcoin has remained relatively contained around the mid-to-upper-$70,000 range since trading near $76,400 on September 17th and remaining in the same area the next day.
The trader's forecast is also based on seasonality, as October has historically been a strong month for Bitcoin, earning it the nickname 'Uptober' among traders.