Undoubtedly, breaking the psychological barrier of $100,000 per unit of BTC will be a milestone that will happen sooner or later.
Let's talk about technical analysis based on the following chart:
Moving Averages Uptrend
The chart shows the 7, 25, and 99 period moving averages, which are in a bullish crossover (the 7 period MA remains above the others). This is a sign that bullish momentum is in effect.
In order to continue this trend towards $100,000 levels, it is crucial that $BTC continues to hold above the 99-period moving average, currently near $62,000. A break below this average could signal a trend reversal.
Key Resistances and Breakouts
Immediate resistance is around $71,000, the current closing level. A clear and sustained breakout of this resistance with good volume could pave the way to the next resistance levels, which are:
$80,000: an important psychological level where there could be sell-offs.
$90,000: another psychological level and possible profit-taking area for many investors.
$100,000: maximum target of this bullish scenario, where significant sell-offs and profit-taking are expected due to being a symbolic level.
MACD Indicator
The MACD is showing a bullish crossover and the green histogram bars indicate that momentum remains positive. However, to sustain a bullish run to $100,000, it is necessary for the MACD to continue expanding upwards and for the signal lines not to cross downward.
A negative divergence (prices rise while the MACD falls) would be a warning sign and could suggest that the rally is losing strength.
Stochastic Relative Strength Index (Stoch RSI)
Currently, the Stoch RSI shows that BTC is at overbought levels (above 80). This may be a sign that a correction could occur in the short term.
If the Stoch RSI manages to stay in overbought territory while the price continues to rise, this would indicate strong buying pressure. However, if the Stoch RSI falls, we could see a correction before BTC attempts $100,000.
Buying Volume
For BTC to reach $100,000, a sustained increase in buying volume will be necessary, similar to the increase seen in the current green candles. Decreasing volume while the price rises would indicate a possible lack of conviction in the bullish trend and could signal an upcoming reversal.
Potential Scenarios
Bullish Scenario
If $BTC breaks and holds above $71,000 with high volume, this could drive the price to $80,000, then to $90,000, and finally to $100,000.
It is key for BTC to maintain support at each resistance level it breaks (first $71,000, then $80,000, and so on) to confirm the strength of the trend.
Corrective Scenario
If BTC fails to maintain the $71,000 levels and loses the 99 period average, we could see a correction towards $60,000 or even $50,000, before a new attempt to reach $100,000.
A pullback to $49,000 would be concerning and could lead BTC to a prolonged consolidation phase.
These technical points suggest that BTC has the potential to reach $100,000, but it is crucial to maintain key breakouts and buying volume to avoid significant corrections.
