For the past seven months, Bitcoin has been quietly building momentum, locked in a consolidation phase between $73,000 and $48,000. However, this sideways movement came to a halt earlier this month as the flagship cryptocurrency shattered its range, soaring to a new all-time high of $94.002.
Currently trading at $92,502, the BTC token shows a modest 1.28% gain in the last 24 hours, signaling resilience near its all-time high. With a market cap of $1.83 trillion and 24-hour trading volumes surging past $73.80 billion, the market is buzzing with optimism. As interest swells and activity intensifies, the question remains: Is Bitcoin Set to Break $100K, or is a pause in the rally just around the corner?
BTC Price Prediction: Path to $100K Unfolds
As the BTC cryptocurrency continues its bullish trajectory, analysts predict it could soon surpass the much-anticipated $100,000 threshold. Prominent analyst “Titan of Crypto” shared a chart highlighting the token’s rise, showing it closing in on its next primary target. The detailed analysis emphasizes Bitcoin’s consistent breakout patterns, which have propelled its price upward over the past months.
#Bitcoin $100,000 in Sight! #BTC almost arrived to the next target. pic.twitter.com/B8ASBdVv1d
— Titan of Crypto (@Washigorira) November 18, 2024
According to the chart, Bitcoin has successfully cleared key resistance levels, confirming its bullish trend. The tweet, captioned “#Bitcoin $100,000 in Sight!” underscores the growing likelihood of the token reaching this psychological and technical milestone soon.
Similarly, analyst “Rekt Capital” has drawn attention to cryptocurrency’s ongoing test of new resistance levels. While BTC is breaking out, Rekt Capital noted that a daily close above the highlighted “red” resistance level is crucial for confirming the breakout and securing further upward momentum.
#BTC is breaking out but needs a Daily Close above red to confirm$BTC #Crypto #Bitcoin https://t.co/TxjBb7J6y5 pic.twitter.com/KAbukLo2uQ
— Rekt Capital (@rektcapital) November 19, 2024
Currently priced near $93,000 after consolidating around $90,000, Bitcoin’s strong momentum suggests the possibility of a more potent rally. However, analysts caution that a failure to sustain above-key resistance zones could lead to a short-term pullback.
Key Levels to Watch Now
Bitcoin’s technical indicators continue to paint a bullish picture as the cryptocurrency pushes toward new heights. The MACD, for instance, remains strongly bullish, with the MACD line at 6,320.79, outpacing the signal line at 3,352.96. This divergence, combined with increasing histogram bars, indicates sustained buying pressure and upward momentum. A further rise in MACD values would validate the ongoing uptrend and reinforce confidence in the token’s trajectory.
Meanwhile, the RSI is at 74.90, signaling overbought conditions. Although this highlights robust bullish momentum, it also raises the possibility of short-term consolidation as the market digests recent gains. Nonetheless, overbought conditions can persist for extended periods in strong, bullish markets, reinforcing optimism about Bitcoin’s potential for continued growth.
Currently, the BTC token is nearing the critical Fibonacci extension level of 1.618 at $95,068. A decisive break and close above this level would pave the way for the next leg of the rally. Fibonacci projections highlight potential targets at $111,145 (2.0 extension), $124,224 (2.272), and $143,108 (2.618), aligning with Bitcoin’s long-term bullish trend. On the other hand, a failure to break above $95,068 could lead to a pullback towards support levels at $87,458 and $82,523.
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<p>The post Is Bitcoin Set to Break $100K? Key Levels to Watch Now first appeared on CoinBuzzFeed.</p>
