The shared image highlights a detailed technical analysis of Bitcoin (BTC), which is currently in a critical phase. The potential goal is to reach a new All-Time High (ATH) at $107,000, but several steps will have to be taken before getting there. Let’s decipher this situation.
1. Market structure and expected scenario
• Break of Local Top: The picture indicates that BTC recently broke out of a local top, marking an important bullish signal. However, this breakout is not yet confirmed, and a correction could occur before continuing the rise.
• Expected correction zone: A key area around $67,000-$70,000 is identified as a potential support level. A slight correction towards this region would strengthen the bullish structure and provide a solid base for a move towards higher areas.
2. The role of RSI (Relative Strength Index)
• The RSI (bottom of the image) shows that Bitcoin is in an overbought zone, suggesting an increased likelihood of a correction in the short term. This does not mean that the uptrend is canceled, but that a consolidation would be healthy before a new rally.
3. Possible scenarios: waiting and opportunity
• Bullish scenario: If BTC maintains its critical support and confirms the breakout of the structure, it could quickly target $95,000 and then $107,000. This scenario would be catalyzed by strong institutional demand and favorable fundamentals.
• Bearish scenario: If the price fails to hold the $67,000-$70,000 zone, a larger correction could push BTC back to lower levels, delaying the achievement of a new ATH.
4. Factors to watch out for
• Institutional adoption: Announcements of entry from major players (like Bitcoin ETFs) could propel the price to record levels.
• Regulation: Clarification on crypto policies, particularly in the US and Europe, could strongly influence the market.
• Economic context: A favorable economic environment, with an easing of inflationary tensions, could strengthen interest in assets such as Bitcoin.
Conclusion: Ready for the next ATH, but with caution
Bitcoin is showing promising signs of a bullish recovery, with a clear target at $107,000. However, this trajectory will depend on the confirmation of key levels and the balance between buying and selling forces.
For investors, the watchword is patience. A correction in the identified areas could represent an excellent opportunity to accumulate, while closely monitoring fundamentals and technical signals.