When Bitcoin crossed $100,000, Changpeng Zhao, founder of Binance, made a light-hearted comment, calling $100,000 a boring milestone. While the milestone is significant, many are now wondering what Bitcoin will do next and whether it still has the potential to continue rising in value. Not only is the Bitcoin price reaching $100,000 a milestone, but it also reflects growing interest from institutional and retail investors.
The 26-EMA and 50-EMA are acting as strong support in recent charts, indicating that bullish momentum is in play. According to the RSI, the asset still has room for a rally without being considered overbought, as the indicator is currently hovering at 59. Volume has picked up slightly, but not enough to confirm a blow-off top pattern, which typically occurs at the end of market cycles.
Additionally, the increase in open interest (OI) in the Bitcoin futures market is helping to sustain the bullish momentum as more leveraged traders fill positions. A look at the 30 most important market indicators provides valuable information. It seems that the market is not overheated yet, as metrics like the Mayer Multiple and Bitcoin Pi Cycle Top are still well below their critical thresholds.
The MVRV Z-Score is currently at 2.97, well below the 5 level that typically indicates a market top. In addition, the 22-day RSI is currently at 59, well below the overbought level of 80, suggesting that Bitcoin still has room to continue rising without facing strong selling pressure.
Furthermore, the Bitcoin Bubble Index is only at 13.48, far from the bubble zone above 80, which suggests that the market is not yet saturated. Based on this data, it can be concluded that Bitcoin's price action is currently still in the early or mid-stage of a larger bull run.
Past history suggests more upside potential ahead of a sharp correction or extended consolidation period. The market’s focus now shifts to key resistance levels at $110,000 and $120,000 as Bitcoin consolidates around $100,000. These targets could be reached in the near future if Bitcoin maintains momentum and sees increased trading volume.
Trader Tone Vays Reenters Long Bitcoin Position at $100,000
Trader Tone Vays announced his return to a long Bitcoin position at current prices in his latest post on X.
Vays exited all his Bitcoin Long positions in late November 2024 as he expressed doubts about Bitcoin reaching a six-figure value by the end of 2024. Additionally, he wondered whether the “bottom-fishing” opportunity below $90,000 really existed.
Since the previous statement, Bitcoin reached $108,000 on December 17 and has never returned below $90,000. Recorded on December 31, $92,500 was the local bottom of the most recent correction.
Five years ago, Tone Vays aptly called the BTC crash to $3,200 on BitMEX on March 13, 2020 as the bottom of the 2018-2020 Crypto Winter.
Former Vice President at JP Morgan Chase, Tone Vays is also known to be a harsh critic of Altcoins, yield farming, Bitcoin forks, Ripple, XRP, ICOs,…
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