Bitcoin Consolidates at $92K: Is the Next Move Up to $100K or Beyond?

Bitcoin is testing critical support at $92K; a break below may signal a deeper pullback, but holding could push prices toward $100K.
The CME gap around $94,200 suggests a potential price movement, as gaps like this tend to get filled, leading to possible swings.
With Trumps possible Bitcoin Treasury plan, Bitcoins value could surge, with analysts predicting prices could hit $150K or more.

Bitcoin remains enclosed in a massive consolidation zone, now extending for 38 days. This sideways movement has been prolonged and is seen by many market commentators as indicating another price change is imminent. One of the major new patterns is the formation of a CME gap, which can be considered as a technical indicator of further increase or decrease of the price during the weekend. The same patterns have been observed in the past weeks, making many people anticipate the same trend to be repeated.

Source: CryptoRover

Bitcoins Potential $150K Rally

The next significant development in the BTC market might be the swearing in of the new President of the United States of America. As the new administration led by Donald Trump was sworn in, the prices of BTC could rise as seen in the year 2017. Trump has also mentioned the possibility of the formation of US Bitcoin Treasury, which is one of the reasons why the crypto market is frothy with bulls. If this plan is to go through, the value of Bitcoin is likely to rise exponentially. There are those who believe that Bitcoin may climb to $150,000 or even more if the US government starts acting as a buyer of Bitcoin on a massive scale.

Bitcoin is currently trying to find support at critical levels. The $92,000 level has been a valuable level of support in the past and is still crucial now during this period of consolidation. This level has to be broken for the bears to achieve a deeper pullback in BTC. Nonetheless, if it stays above $92,000 it could open the path to a new push towards the $100,000 mark.

Another important metric to look at at the moment is the Coinbase premium. This metric measures the level of fear in the market and the Shiller CAPE shows much fear in the current market. Negative premiums mean investors are willing to sell off BTC, which usually occurs in the bear market. But this could also be a chance to buy at cheaper prices before the next big upswing comes along.

CME Gap and Bitcoin Movement

One more important factor that affects BTC price is the CME gap that stands at approximately $94,200 nowadays. Such gaps are usually filled through upward or downward price movements. This technical pattern could be the driving force for the short term movement of Bitcoins price, taking it up or pulling it back for some time. Traders are paying keen interest to these levels as they can act as a guide to the next price direction.

Source: CryptoRover

Although the market consolidation observed in recent months, BTC continues to be in long-term bull trend. In the MVRV Z-score, BTC is still not at the blow-off top stage. This implies that the current bull market is not yet done with its growth. In the past, Bitcoins price typically rises after the Christmas period, with many analysts predicting another rise in early 2025.

Text source: TronWeekly

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