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Top Reason Why Bitcoin Bull Run is Yet to Mark the Peak-BTC Price Primed to Reach $115K Before Entering the Bear Market
Bitcoin has been facing intense bearish pressure since the start of the second fortnight, which prevents it from closing its yearly trade above $100,000. Despite this setback, various technical indicators suggest that a continued upswing could initiate at any moment in the next few days. Although the upper targets are now extended beyond $110,000, the price is attempting to rise above the ongoing consolidation and a bullish close above a certain range may trigger a strong bull run towards its highs of the current rally.
The exchange reserves have been depleting since the start of the year, with levels not seen since 2016. This development could be an essential bullish signal, as nearly a million Bitcoin is being held by institutional investors, which may play a crucial role in shaping the future price action.
Moreover, the historical price pattern, consolidated within a rising parallel channel, indicates that the price remains between a bull run. The RSI pattern also suggests that there’s still room for the token to grow as the levels remain well below 90. In each of its previous bull runs, the monthly RSI marked highs close to 94.
The current price action has seen Bitcoin reclaim $95,000 ahead of the yearly close with an increase of over 3%, while the weekly trade remains within a bearish range. Considering the recent surge in stablecoin reserves that have reached $45 billion, it is expected that the upcoming price action in January 2025 will be explosive, potentially reaching $120,000.
It appears that the current market dynamics are favoring Bitcoin to continue its upward trajectory, and traders should remain cautious and consider long positions until further evidence suggests otherwise.
Source: coinpedia.org
