Bitcoin has once again attracted the attention of investors by approaching critical Fibonacci levels. Experts say that the 1618 Fibonacci extension level could create a strong resistance between $94,000 and $95,000. Breaking this level could allow Bitcoin to climb to new heights. So, what are the possible new price targets for BTC? Here are the details…
Strong Interest in Spot Bitcoin ETFs$BTC
In recent days, net inflows into spot Bitcoin ETFs have exceeded $400 million. This shows that the market is entering an upward trend, contrary to previous outflows. The increasing interest of institutional investors in particular is making a significant contribution to the value of Bitcoin. This positive atmosphere will trigger more capital to flow into the crypto market and Bitcoin to rise to higher levels with increasing demand.
MicroStrategy and the Short Squeeze
MicroStrategy CEO Michael Saylor announced that the company has made the largest Bitcoin purchase in its history. The company invested $4.6 billion by purchasing 52,000 Bitcoins. It was also announced that Saylor plans to continue the purchases by raising another $2 billion. These large purchases will put upward pressure on the market. If Bitcoin breaks through critical resistance levels, short positions could be squeezed, causing prices to rise even further.
Bitcoin’s short-term target is between $94,000 and $95,000. If this level is broken, the next target will be $102,000. In the longer term, the $113,000 level may stand out. Fibonacci extension levels technically support these bullish expectations. Currently, Bitcoin is giving an upward movement signal by breaking out of the symmetrical triangle formation. If the resistance level between $92,000 and $93,000 is broken, prices are expected to quickly head towards $97,000. These developments may present buying and selling opportunities for short-term investors.
Bitcoin’s current bull market trend is reinforced not only by technical analysis but also by market confidence. The interest of large institutional players in the market could strengthen the long-term upward trend. In particular, the intense interest in ETFs and large purchases increase the likelihood of Bitcoin breaking through the next major resistance levels.
