Bitcoin surged from $92,300 to $99,400 on Christmas Eve, delighting investors. BTC is poised to test $100,000 as the price maintained a strong demand level, reigniting bullish confidence. Market participants are looking to Bitcoin’s next move for additional momentum in the coming days.
Renowned analyst Karl Ronnie Felt highlighted Bitcoin’s symmetrical triangle in his technical analysis on X. Ronnie Felt believes that BTC is about to explode after this consolidation pattern.
Bitcoin’s path to $100,000 is clearer than ever with strong demand and technical signals in line for a bull run. Traders are concerned that short-term volatility may persist. As the dominant cryptocurrency approaches a crucial period, investors are seeking confirmation of a new phase in its historic bull run.
Bitcoin is ready to go up
Bitcoin remains bullish after maintaining significant demand levels, preparing for another surge in price discovery. This resilience shows the market’s confidence in BTC’s ability to surpass $100,000 and rise, with experts and investors closely watching its price action.
Prominent analyst Karl Ronnie Felt recently highlighted a symmetrical triangle formation on Bitcoin’s hourly chart in his technical analysis on X. Symmetrical triangles indicate stability before an explosion, and Ronnie Felt believes that BTC will record a rally.
He said that a break of $100,700 would indicate significant bullish momentum, possibly pushing Bitcoin to new highs. He warned that a drop below $95,200 would indicate weakness and a short-term bearish trend.
The dominant cryptocurrency remains stable, with all eyes on $100,700. Bitcoin could restart its bullish run if it clears this hurdle, highlighting its dominance in the crypto industry.
Bitcoin is now trading at $98,400, up 7% from its local low of $92,000. This rally shows the continuation of the bullish momentum as the price reclaims the 200-hour EMA, an important short-term signal. BTC faces a major challenge to break the 200-hour EMA at $98,470.