Bitcoin has repeatedly broken new highs this week. After officially breaking $98,000 last night at 19:00, the spot price reached a maximum of $98,960 around 03:15 this morning, and the perpetual contracts have exceeded $99,000, showing momentum to hit the $100,000 target this week.
At the time of writing, there is a slight pullback, currently reported at $97,863, with a 24-hour increase narrowing to 3.43%.
What to expect after Bitcoin hits 98K?
100,000 is a key psychological point
100,000 is not only an important threshold but also a level that can trigger global excitement. Once breached, retail funds are likely to rush in, and market enthusiasm will be directly maximized.
Just one more 'ultimate acceleration' is needed; the peak is not yet reached.
The market lacks an ultimate acceleration, and many bears are shorting. Therefore, this is not a peak; the market will first educate a group of people.
Target 100,000-150,000, but beware of greed.
The ultimate goal of this bull market may be between 100,000 and 150,000. But remember one thing: be calm when others are greedy, and locking in profits in a timely manner is the key.
Bitcoin 15-minute candlestick chart. Source: OKX
BCA Research: Bitcoin still has room to double.
For strong Bitcoin, the BCA Research team led by analyst Dhaval Joshi stated in a report earlier this month: 'Although Bitcoin has risen due to election momentum, its 260-day fractal dimension indicator has not yet approached the market reversal level of 1.2.'
Therefore, while we should expect Bitcoin to experience a short-term pullback, the structural upward trend of Bitcoin remains intact, with the ultimate target being above $200,000.
However, according to the figure below, although the 1.2 reversal timing has not yet been reached, it is close to 1.4, and BCA's expectations may be overly optimistic.
Swan Bitcoin analyst Sam Callahan analyzed that Bitcoin's price is continuously driven by a series of favorable factors, including improved market liquidity, increased institutional adoption, a regulatory environment turning from headwinds to tailwinds, and potential expansion of fiscal deficit policies during Trump's term.
Ethereum rebounds, Layer 2 rises together.
As Bitcoin is about to challenge $100,000, the long-silent Ethereum also showed a strong surge last night, rising 7.5% in three hours, reaching a high of $3,386 earlier.
Layer 2 tracks are also rising due to this incentive, with OP increasing by over 20% and Arbitrum having a rise of about 12% in the last 24 hours.
Let's analyze why Ethereum (ETH) price is rising?
Ethereum's price rose today because strong support was formed around $3000, and the upcoming 'golden cross' may push the price to break $4000.
ETH has maintained a consolidation above 3000 for 7 days and only started to break upwards last night. Now, this largest altcoin in the world is aiming for a further rise towards the $4000 target.
As shown in the figure, Ethereum rose 9.65% in the past 24 hours, re-establishing above the 50-day exponential moving average (EMA) on the 4-hour chart, restoring a bullish trend. Currently, ETH encounters resistance at the previous high pressure point, and a breakthrough above 3420 is needed for better upward movement.
Ethereum 4-hour chart. Source: TradingView
In addition to re-establishing a bullish position above the 50-day moving average, the breakout is also accompanied by a confirmed triple bottom pattern and overlaps with the daily order block, which may further strengthen the long-term bullish trend.
Strong demand for Ethereum at $3000.
In the past week, Ethereum's price has consolidated around $3000, with traders taking the opportunity to establish a strong demand area in that price range.
According to data from IntoTheBlock, over 4.45 million Ethereum addresses transferred 5.4 million ETH at an average price of $3099 between $3046 and $3142.
Ethereum In/Out of Money chart. Source: IntoTheBlock
This demand area overlaps with the daily chart order block near $3000.
Previously, Cointelegraph reported that 'fresh' Ethereum whale activity began to emerge, with one address purchasing over 18,000 ETH last week.
The same whale address subsequently increased its holding by 9,000 ETH, raising its total position to 27,000 ETH, worth over $88.9 million.
Ethereum whale wallet data. Source: TradingView
ETH price is expected to break $4000 through the 'golden cross'.
From a technical perspective, Ethereum's daily chart is less than 24 hours away from completing a 'golden cross', and this pattern usually indicates the beginning of a significant rise.
A golden cross is a technical pattern that typically signifies a long-term upward trend when the 50-day moving average (exponential or simple) crosses above the 200-day moving average.
Ethereum 1-day chart. Source: TradingView
Historically, the confirmed golden crosses on the Ethereum daily chart in 2020 and 2023 marked the beginning of a strong upward trend of over 100%. From the daily chart, the current bullish momentum has begun to show.
Meanwhile, independent analyst and trader Rekt Capital pointed out that Ethereum's price is breaking out of a short-term bull flag pattern on the weekly chart. He stated:
'If the breakout is confirmed, ETH will retest the resistance level of about $3700.'
