After Reaching $70K, Will BTC Hit $100K This Bull Run?
Bitcoin Price PerformanceStarting from $55,000, Bitcoin jumped 25% in three weeks, surpassing the 50% Fibonacci level at $64,766 and now eyeing a trendline breakout above $70,000. The daily chart's flag pattern suggests rising demand and a bullish trend.
Bitcoin (BTC) has surged to $70,000 following Donald Trump’s pro-crypto regulation speech. With a 2.57% intraday gain, Bitcoin's V-shaped recovery indicates significant demand, overcoming challenges like the Mt. GOX threat and Ethereum ETF declines. This rally raises the possibility of BTC reaching the anticipated $100,000 in 2024.
Technical Indicators:
- RSI: The daily RSI hits the overbought zone, signaling high demand and potential for a bullish breakout, though a minor retest might occur.
- EMA: Bitcoin's bullish trend supports the 200D and 50D EMAs, forming dynamic supports.
Bitcoin Accumulation Trend Score Hits 1
Large market players are actively accumulating Bitcoin, with increasing US Spot Bitcoin ETFs inflows pushing the Bitcoin Accumulation Trend Score to 1. This suggests strong confidence in the ongoing bull market.
Will BTC Price Hit $100K?
With the broader crypto market gaining momentum, Bitcoin is poised for a bullish breakout, potentially reaching $102,000 based on Fibonacci levels. This makes a rise to $100,000 likely in the coming months.
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