Bitcoin's price has been hovering between $90,000 and $100,000, but that range might soon be history.
Sam Price, host of CryptoLifers, is confident that the cryptocurrency is on the verge of a breakout.
"The odds are, from my years of doing this, in the next week, Bitcoin's about to rip and make a new all-time high," Price said in a discussion with Roundtable host Rob Nelson. "It looks two weeks from now, we should be ripped."
Price, who has been analyzing markets for over 15 years across major stock exchanges, including the Toronto Stock Exchange and New York Stock Exchange, believes that Bitcoin’s next move depends on a few critical levels.
"We've been battling for literally two months now. Every time we get above $97,200, $98,500 is your next resistance. You get above $98,500 and you take out $104,000 you're done. You lose $97,200, you go back to battling $95,000, back to the $90,000 region, and then you could maybe hit a 6.18 at that $74,000 – $68,000 region," he explained.
Why Price thinks Bitcoin will surge
His optimism is based on Bitcoin holding key technical indicators, particularly the 22-hour 200 exponential moving average (EMA).
"I trade the 22-hour. 200 EMA is a significant level that we're back above it. As long as we stay above the 22-hour, 200 EMA, we're bullish — period," he emphasized.
According to Price, bears have tried multiple times to break below this level, but Bitcoin has continued to hold a higher low on the weekly time frame while the Stochastics RSI resets.
Rob, the host of the discussion, pointed out that Bitcoin has been stuck in a $10,000 range and questioned whether it will continue to trade within this band or see wider swings.
"Does the window stay the same, that rough 10% range, moving between about $10,000 up or down? Or does the window just get wider, which would mean more volatility?" he asked.
Price believes that volatility will increase and that Bitcoin's price movement will expand as the market trends higher.
At the time of recording, Bitcoin was trading at $95,000.
