Bitcoin is currently trading above $97,000 and the price has increased by more than four percent in the last 24 hours. The largest cryptocurrency has recently achieved a significant price target and is now breaking through a new all-time high. Bullish speculators nearly hit the $98,000 mark, before reversing after reaching $97,862. Now that the bullish momentum has been confirmed, the price target of $100,000 is finally in sight.
The cryptocurrency is currently heading towards a significant price target in the short term, and this $100,000 price target has caused some anxiety among investors recently. According to analyst Josh from Crypto World, Bitcoin is breaking through a crucial resistance level and turning it into a support level in the short term, and a new Bitcoin short-selling wave has officially begun.
Bitcoin is showing strong bullish signals.
On the weekly chart, the MACD indicator is showing significant bullish momentum, similar to last October, leading to a major price increase that lasted several months. The 4-day chart also shows a greater bullish trend with the SuperTrend indicator in green. Bitcoin recently reached a new all-time high of $94,000 to $95,000, and breaking through this range could lead to a price surge above $100,000 very soon.
The next price target is around $102,000, where Bitcoin may encounter some resistance. If Bitcoin breaks through this level, it could continue to rise to $113,000. The current breakout from the symmetrical triangle pattern on the 6-hour chart is also bullish, with resistance turning into support.
A short-selling wave is underway, especially with significant short positions near the $95,000 to $97,000 range. As these positions are liquidated, greater buying pressure will push the price higher, potentially driving Bitcoin up to $100,000 and beyond. This trend aligns with the current Bitcoin price predictions, indicating strong bullish momentum.
