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Bitcoin Price Analysis: BTC Maintaining $100K Suggests Going After $110K and $120K Next
Author: CryptoVizArt
Last Updated Dec 17, 2024 @ 14:23
As Bitcoin continues to defy expectations by maintaining the crucial $100K level, it appears that the cryptocurrency is poised to make a run at $110K and potentially even $120K in the coming days.
The Daily Chart
In this analysis, we will take a closer look at the technical and on-chain metrics that are suggesting a potential break above the previous resistance levels. On the daily chart, Bitcoin has been consistently making higher highs and lows over the past few weeks, even after the uptrend slowed following the breakout above the $90K level. While the market failed to breach this threshold on its initial attempts, it ultimately succeeded in doing so just a few days ago. The $100K mark is now acting as support, which could be a bullish sign.
The 4-Hour Chart
On the other hand, the 4-hour chart displays a concerning signal. Unfortunately, Bitcoin has not yet managed to break above the ascending channel, which may potentially lead to a reversal pattern if broken on the downside. Currently, the price is testing the upper boundary of this trend line, and a bearish rejection could send it towards $100K first before resuming its upward trajectory. However, an aggressive surge towards higher prices might be possible should Bitcoin be able to break above the pattern.
On-Chain Analysis
Another crucial factor that cannot be ignored is the data from our on-chain analysis tool. As seen in this chart, investors have been actively accumulating over recent weeks, which may contribute significantly to the current rally. Additionally, we notice a substantial decrease in exchange reserve supply. This significant drop in available supply could eventually lead to increased demand and subsequently higher prices.
Conclusion
In conclusion, it is now highly likely that Bitcoin will continue its upward momentum and attempt to target $110K and potentially even $120K next.
Source: cryptopotato.com
