Bitcoin (BTC) continues in a strong upward trend, once again renewing its all-time high price (ATH) this Tuesday (19).
According to data from CoinGecko, BTC's record price is now at $93,899, a value reached at 3:45 pm (Brasília time).
As you can see in the image below, the ATH was renewed after the asset broke the resistance line of a wedge pattern, a scenario that was already the most likely according to our last analysis.
Bitcoin (BTC) Chart on TradingView
Bitcoin rumo a US$ 100 mil?
With the recent jump, the bulls continue to show resilience, indicating that the current bull run of the largest cryptocurrency could continue towards US$ 100 thousand. In this sense, buyers would need to make the price of the cryptocurrency rise another 6.5% to achieve this feat. Considering that the asset has already risen more than 30% in the month to date, this goal seems very realistic.
However, despite the current bullish scenario, some on-chain indicators show that corrections may occur before Bitcoin reaches six figures. One of them is the profit realized, as highlighted by Fernando Pereira:
Last week we saw over $25 billion in profits made on Bitcoin, an extremely high amount that caused the price to consolidate at $90,000. The low volume over the weekend following this move shows that the buying power is running out.
Bitcoin Realized Profit
With this in mind, the Bitget analyst highlights that new purchases at the current price range are risky.
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