Fibonacci extension levels also play a crucial role here. The $100,000 mark is seen as a major psychological resistance. If Bitcoin manages to break through this, it could aim for the next target of $109,000, based on the 4.236 Fibonacci extension.
Some analysts believe that this could happen within the next few days as Bitcoin’s momentum continues to build.
Potential Correction If Failed $100K
While the short-term outlook remains positive, Financelot hints at a likely correction following the anticipated rally. The chart’s wedge-like formation near the current price suggests caution, as such patterns often indicate pullbacks.
If Bitcoin fails to hold above $100K, traders might witness a steep decline, potentially revisiting lower support levels around $87K.
Dormant Bitcoin Wallets Awakens
However, recent data from Santiment reveals a significant drop in Bitcoin’s Mean Dollar Invested Age (MDIA) has dropped sharply, falling from 637 days in October to 466 days—a 27% decrease.
This means older, inactive Bitcoin is being traded again, a sign of growing confidence in the market. If MDIA continues to fall, it could mean even stronger bullish momentum, as more Bitcoin enters the market.
