Bitcoin bullish breaks 100,000! Dogecoin price will reach 5 dollars!
At the time of writing, Bitcoin is trading at 98,268 dollars, up just 0.08% in the past 24 hours. A few hours ago, the price briefly reached 99,950 dollars but was suppressed back down by the 100-day moving average. The current support level is the 200-day moving average, which previously was a high resistance area for Bitcoin, so it will now become a support level.
Bitcoin's market share is 58.43%. This indicates that the amount of Bitcoin held by investors exceeds that of all other cryptocurrencies. Historical data shows that whenever Bitcoin's dominance falls below this level, its price usually declines as well, so this specific range can be considered a support area. Currently, although the price is falling, the dominance is rising, indicating that funds may soon shift from altcoins back to Bitcoin.
BTC exchange reserves show that since February 2024, reserves have been steadily decreasing, while the price continues to rise. This indicator reflects the amount of Bitcoin in the exchanges. The decrease in reserves suggests that users are moving cryptocurrencies to cold storage, implying that bullish sentiment in the market is strengthening.
Looking back over the past few days, we can see that exchange reserves had once increased. This was because when the price exceeded 100,000 dollars, whales moved their cryptocurrencies out to sell. Now, the downward curve again hints at an upcoming bullish trend.
Dogecoin has only slightly increased, but it is expected to achieve significant growth in the future, with a target price set at 5 dollars as a new high. Recently, the price of DOGE transitioned from a long-term consolidation phase in early November to a manipulation phase. Historical data shows that strong distribution typically occurs after this, pushing DOGE prices to new highs.
If the price of Dogecoin (DOGE) rises following previous patterns, market participants may anticipate new historical highs far exceeding 1 dollar, approaching 4.5 to 5 dollars. Once these levels are reached, even during a bear market, it will be difficult for bears to pull the price back below 1 dollar.
