Bitcoins Growth Path: Can It Sustain Momentum Beyond $100K?
- Bitcoin breaks out of a symmetrical triangle and is now retesting key support, signaling potential for significant growth.
- A massive $100,000 sell wall looms, but institutional buying could clear the way for Bitcoins next major rally.
- Ethereums strong performance signals the start of altcoin season, likely to boost prices alongside Bitcoins growth.
Bitcoin is set to test a new high in the coming days. The cryptocurrency is now trading close to a key support level after having broken out of a symmetrical triangle. In a recent YouTube video, Crypto Rover pointed to this significant part of the Bitcoin price chart and proposed the beginning of new growth. This could be indicative of a sharp increase, and may well lead to a strong rebound in the near future.
At the moment, BTC is in a consolidation state, with investors observing a downward sloping resistance line. In the 4 hour chart, the price of BTC has now breached this level and is now attempting to hold it as support. This change is a possible breakdown point for traders seeking for the next price upswing. The retest of this line is being monitored carefully as this could present the perfect entry point for new trades. BTC is trading at $96,838, a 0.92% increase over the past day.
Bitcoins Symmetrical Triangle Breakout
This is after the price of Bitcoin formed a symmetrical triangle pattern and broke out from it. According to the patterns price target, BTC may climb to about $16,000 in the short term. However, there is a huge sell wall that exists at the $100,000 mark which poses a big problem. At the moment, about $1.5 billion worth of Bitcoins are placed in limit orders at this price with approximately 1,500 BTC. If large institutional buyers remain active in buying BTC, this wall could be easily broken and price may rocket higher.
Source: Chart by CryptoRover
Besides BTC the altcoins, especially Ethereum, are also looking strong. With over $250 million ETH bought in the recent past, it can be said that altcoin season has begun. This is generally in line with the cryptocurrency price rise, because the majority of altcoins gain value whenever BTC is strong. It seems like Bitcoin is starting to weaken its dominance, which can only mean that the alts are going to grow even more.
Source: SoSO Value
Exponential Growth After Halving
However, there are several signs that point to an almost certain rebound and, despite this, BTC remains capped at approximately $100,000. Sustaining the market above this level can open the door to a broader advance. Also, the historical analysis shows that the price of cryptocurrency boosts exponentially 180 days after the halving of the mining reward.
The technical analysis of the Bitcoin market shows it has the potential for further growth if it breaks some barriers. As the altcoin market becomes hot through large players continue to buy more BTC and other cryptocurrencies are expected to soar in the next couple of months.
Read more: https://www.tronweekly.com/bitcoins-growth-path-can-it-sustain-momentum/
Text source: TronWeekly
