Bitcoin continues to rise, registering another record price this Friday (22). Now, the asset's ATH is at US$ 99,486 according to CoinGecko.
It is worth noting that BTC has suffered a slight decline since the formation of this top, trading below US$ 99 thousand at the closing of this article.
With this in mind, should we expect a correction, or will the asset be able to record new all-time highs in price?
Bitcoin rumo a US$ 100 mil?
Bitcoin is currently just 1% away from surpassing the $100,000 mark. Considering that the cryptocurrency has already risen more than 40% so far this month, it seems like a matter of time before it makes that extra jump.
In this sense, the trading volume supports this scenario. This is because, according to CoinGecko, the volume registered on the last day was more than US$ 118 billion – the highest since November 14th. This increase shows a greater demand for BTC, with the majority coming from buyers.
In this regard, Binance’s Long/Short Ratio indicator shows a divergence between retail traders and large holders (whales) in the futures markets. In the last hour, more than 53% of retail traders are short, betting on a price drop. On the other hand, more than 58% of whales are long, believing that the price will tend to rise.
Long/Short Ratio do Bitcoin. Fonte: Binance
The exponential moving averages (EMAs) also support the continuation of the current uptrend towards $100K. This is because the 9-period EMA (blue) on the 4-hour chart is above the 21-period EMA (orange). This shows that BTC is trading at increasingly higher prices in the short term. Furthermore, both averages are acting as support.
Bitcoin (BTC) Chart on TradingView
However, the Relative Strength Index (RSI) is above 70, which indicates market saturation. In this case, it is possible that Bitcoin will experience a correction before surpassing the $100,000 mark. However, this remains the most likely scenario for the medium to long term.
The article Bitcoin (BTC) Prediction: Can the Price Hit $100,000 Today? was first seen on BeInCrypto Brazil.
