Bitcoin (BTC) Bulls Eyeing $130K: Will It Reach New All-Time Highs?
- The $102,000 resistance level is critical for Bitcoin, with a potential breakout pushing the price toward $120,000 and higher.
- A compression pattern on the 1-hour chart indicates Bitcoin could break out soon, with $120,000 as a key target for further gains.
- Following a CME gap at $111,000, Bitcoin might experience a brief pullback before resuming its upward momentum, based on historical trends.
Bitcoin (BTC) is currently trading at around $102,000 and this has created varied emotions within the market. The crypto community is split between those who think that the bull market is over and those who think that Bitcoin has huge potential.
In a recent YouTube video, Crypto Rover pointed out that the BTC has peaked around 275 days after each halving, so there might still be plenty of time left in this bull market. As the year comes to an end, BTC traders and investors watch the current strengths and weaknesses in an effort to predict the next big shift.
Bitcoins immediate barrier is at the $102,000 level, a crucial Fibonacci extension point. The price of BTC has again been rejected at this level severally but Rover thinks that once the price breaks this level, then a rally could occur. As Bitcoin pressed against the $102k level, many market participants are preparing for price growth. The following primary barrier is $120,000, and if this level is violated, it is probable that BTC will continue to rise to the next level at $130,000.
Key Levels for Bitcoin Breakout
In the short-term, BTC is in a compression pattern in the 1-hour chart with support line that is ascending and a resistance line that is descending. Such a scenario will create a breakout once the price of BTC crosses these levels which will define the next direction. A move above $120,000 would indicate that BTC is shifting to the next leg of its upward trend while failure to defend important levels may result in a correction.
The other thing to watch is the current position of Bitcoin regarding the CME gap observed earlier this week. Bitcoin has reclaimed the gap at $111,000, which has been a traditional region that has seen sell-offs. Many traders believe that as the weekend goes on, BTC may come back to close the gap before heading higher next week. Historically, such gaps have been filled 90% of the time, meaning that BTC may retrace a little before moving up.
From a wider perspective, the prices of the digital currency have been showing steady progression in the upward trend. A bullish crossover at the MACD indicator indicates that the momentum will be sustained in the following year, 2024. Also, the overall market is led by BTC while the altcoins, especially the rest of the coins, make slower movements.
Long-Term Bitcoin Outlook
In the long term, the BTC is still one of the most promising assets in the financial world. According to analysts, Bitcoin has undergone the usual cycle of trading that indicates it may hit new highs in the next few months with $120,000 and $130,000 as its next targets. At the current stage, as cryptocurrency is holding above critical support levels, the probability of a rapid decline is not high and even in case of negative developments on other assets, the price of BTC remains stable.
Bitcoin is in a crucial zone at the moment with significant barriers at $102,000 and $120,000. However, if the price breaks out above these levels, this could be the beginning of a new movement that could take the BTC price to new all-time highs.
Read more: https://www.tronweekly.com/bitcoin-btc-bulls-eyeing-130k-will-it-reach-new/
Text source: TronWeekly
