Bitcoin Weekly Forecast: Can BTC hit $100,000 without a correction?

• Bitcoin price shows signs of exhaustion as it trades below the 2021 all-time high of $69,000.
• Investors need to exercise caution as the recent volatile dynamic could make a comeback.
• A short-term correction to $59,000 could be an opportunity for sidelined buyers before BTC heads to $100,000.

Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about. 

Read more: Bitcoin Weekly Forecast: BTC contemplates an increase to $100,000, but when?

Bitcoin price at crucial levels

Bitcoin trades at $67,557, below the previous all-time high (ATH) of $69,138 and at an extremely pivotal point. If the current weekly candlestick fails to recover above this critical barrier, it could provide low timeframe signs of a shift in market structure, favoring bears. In such a case, BTC could trigger a steeper correction.

But if Bitcoin price establishes itself above $70,000 after a strong spike in bullish momentum, it will improve the chances of continuing the uptrend. This development could result in BTC heading straight to the $100,000 psychological level. 

Read more: Bitcoin price drops with over $250 million in total liquidations as judge rules Craig Wright is not Satoshi

While this forecast may seem out of the realm of possibility, readers should note that in March 2020, when BTC overcame the previous ATH of $20,000, it kicked off a nearly 100% rally in just four weeks. If history were to repeat or even rhyme, Bitcoin's price could easily move to $100,000.

Another alternative or a maximum pain scenario could see BTC slide lower and dip into the weekly imbalance, in the $53,120 to $59,111 range, before it shoots higher. This move would accomplish two things: liquidate late bulls and encourage the addition of short positions, which could eventually get squeezed as the price moves higher.

Hence, investors need to exercise caution going forward.

Also read: Bitcoin extends its correction to Asian session, liquidations more than double to $660 million

BTC/USDT 1-week chart

While the market outlook is bullish, no doubt, investors need to note that if Bitcoin price fails to produce a weekly candlestick close above the previous ATH of $69,000, it would result in a swing failure pattern. This setup indicates an exhaustion of the uptrend and hints at a potential trend reversal.

It is unlikely that the Bitcoin price will reverse just after setting up a new all-time high. But if it does, the key swing low at $42,000 must be breached on the weekly timeframe to set up a lower low. Considering the bullish ETF flows and the general outlook of the market, it is highly unlikely for this scenario to unfold. 

Perhaps a scenario triggered by the US Federal Reserve (Fed) starting to cut interest rates could trigger a volatile, short-term correction. Again, this outlook also feels unnatural, considering the present market conditions.

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