Bitcoin Bulls Eye $120K: Whats Next for BTCs Price?
- Bitcoin surges to $101,432, breaking through resistance levels, signaling an imminent all-time high and possible $120,000 target.
- Analysts predict BTCs strong bullish trend will continue, with key support levels forming as it heads toward a new all-time high.
- Institutional interest boosts Bitcoins growth, with MicroStrategys NASDAQ inclusion driving the cryptocurrency towards new price milestones.
Bitcoin has once again created ripples in the cryptocurrency market, hitting $101,432 as its highest daily close. BTCs continuous appreciation beyond key levels and strong trends indicate that a new all-time high is imminent. Some analysts even believe that Bitcoin could rise to $120,000, and enthusiasm for the cryptocurrency has never been higher.
Bitcoins Bullish Consolidation Phase
Bitcoin has started trading in a consolidation mode with a bullish inclination as price keeps on rising gradually. This positive price action indicates the possibility of continuing the growth. Alan Santana has pointed out that the current behavior of the Bitcoin perfectly resembles the prior patterns that indicate the upcoming higher prices.
This has been made possible by the fact that Bitcoin has been shown to break through the resistance level over and again. The more the level of resistance is tested, In Bitcoins context, the latest price rise has broken through significant resistance levels and made it a support level.
Also, there has been no notable pullback or correction in the last few weeks. The absence of pullbacks only serves to strengthen BTCs position and indicate that the cryptocurrency is headed higher. Currently, BTCis at $101,600 which is a 1.17% increase over the last 24 hours.
Source: TradingView
BTC Poised for ATH
The technical indicators suggest that is BTC is ready to break through to a new all time high. Experts are slowly turning optimistic about Bitcoin price, with some expecting it to hit $120,000 soon. As reported by Crypto Rover Bitcoin has just closed the highest daily candle in its history, which is rather important. BTC is rallying through earlier resistant levels and establishing new ones, and it now seems as if the market is ready for another round of price appreciation.
Rover has also attributed part of this strength to the increasing institutional reckoning in BTC especially after MicroStrategy was included in the NASDAQ 100 index. This has boosted the profile of BTC and has probably helped lead to the increased interest from institutional investors. With BTC now trending above key resistance levels investors are now looking at $120,000 per coin as the next target while some have even indicated that BTC may still be on an upward surge until 2024.
Bitcoins Bull Run Momentum
Jelle and Michael van de Poppe are optimistic about the future of the digital asset. On Saturday, Jelle posted on X, revealed that BTC is headed up and that the previous range highs are now being used as support. He believes this is the beginning of new bullish trend and the new all time high is not very far away.
Michael van de Poppe also expressed the same belief that BTC will not take much time to reach new ATH. He said that the existing price zone opens the door to a large scale breakout. In both the analyses, the bullish trend of cryptocurrency is still strong and there are high chances of BTC to touch a new ATH soon.
Bitcoin is still climbing higher and higher and now that it has reached these astonishing heights, everybody wants to know what comes next. With few alterations, most analysts believe that BTC has plenty of steam left in its bull run and ought to sustain its uptrend throughout 2024. If BTCcontinues to show strength and manage to surpass the $120,000 mark it will only help build on its credibility even more as a main player in the financial world.
Read more: https://www.tronweekly.com/bitcoin-bulls-eye-120k-whats-next-for-btc-price/
Text source: TronWeekly
