Bitcoin has surged above the $100,000 mark, marking a historic milestone in its trading journey. In the past 24 hours, the cryptocurrency has seen a more than one percent increase in value, sparking excitement among investors and analysts alike. According to renowned analyst Josh of Crypto World, Bitcoin is showing signs of forming a new pattern in the short term, prompting a closer look at what lies ahead. Here’s a detailed breakdown of his analysis:
Bitcoin’s Bullish Market Overview
Josh emphasized that Bitcoin is still firmly entrenched in a bull market. The weekly Relative Strength Index (RSI) is indicating a strong bullish trend, a pattern that has historically preceded significant bull runs. Moreover, the Moving Average Convergence Divergence (MACD) is also displaying bullish signals, reminiscent of last year’s rally that lasted for months. Based on these indicators, it is highly probable that the bull market could extend well into 2025.
Resistance and Price Targets for Bitcoin
At present, Bitcoin is encountering resistance at around $102,000, which corresponds to the 1618 Fibonacci extension level. A breakthrough above this barrier could propel the cryptocurrency towards the $113,000 mark. While the ultimate price target of $300,000 may still be a few years away, the journey towards that milestone is expected to be gradual. Support for Bitcoin is currently steady at approximately $89,000, with short-term price consolidation around $100,000.
Bitcoin is currently forming a symmetrical triangle pattern, with a support level at $99,000 and resistance at $102,000. A breakout above the $102,000 mark could trigger a price surge towards $108,000, while a breach below the support level may lead to a decline to around $93,000.
Bitcoin Liquidity Heat Map
Analysis of the Bitcoin liquidation heat map reveals significant liquidity accumulating in the range of $104,000 to $105,000. If Bitcoin surpasses this crucial level, a short squeeze could occur, propelling the price even higher. Additional liquidity levels between $102,000 and $105,000 are also noteworthy and could impact future price movements.
Bitcoin Dominance Drops, Altcoin Season Begins
The Bitcoin dominance chart reflects a decline, currently hovering around 55%, after breaking a key support level at 57%. This decline suggests that altcoins are poised to outperform Bitcoin in the near future, signaling the onset of a potential altcoin season.
As Bitcoin continues its upward trajectory and charts new territory above $100,000, investors are advised to closely monitor these key indicators and price targets for insights into the cryptocurrency’s future movements.