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- Bitcoin price wandering near the ATH and momentum has halted.
- BTC price has climbed by 45% over the past 50 days.
Bitcoin (BTC) price has broken out from a multi-month horizontal resistance level. Bitcoin price has surged by 26% in less than two weeks after the breakout. The bullish trend has paused near the $91K mark which could generate two scenarios, buying or selling.
Since September, Bitcoin price has received solid boosts. It has been rising by defending an ascending trendline. The steady buying pressure resulted in massive buying pressure. Let’s see how BTC reacts near the $90K territory.
Would Bitcoin Price Approach New ATH Amid This Bull Run?
Bitcoin is a leading coin in the cryptocurrency market with a market value of $1.82 Trillion. BTC crypto was trading at $91,911 with an intraday gain of 2.23%. The trading volume was $48.70 Billion with an elevation of 7.80% over the past 24 hours.
Bitcoin left a positive impact on the altcoins and the cryptocurrency market has buzzed. The rally was paused near the 91K level but buyers were strong enough. Therefore another rally may be cooking.
If the BTC price manages to dominate the $90 territory, it could be a buying signal. Once the price triggers a pullback and surpasses the last swing high, it has the potential to hit the $100 mark. Amid this strong bullish rally, investors may eye for the $120 hurdle.
Alternatively, if the crypto price fails to hold the $90K hurdle then the price may experience selling pressure. Once the price fails to defend the $80K, investors and traders may prefer to book profit. Here, profit booking could initiate a selling scenario and a massive selling can be seen.
According to the technical indicators, the Bitcoin price has smashed the key moving averages. The RSI has managed to defend the RSI-based moving average which could trigger a bullish forecast.
Is BTC Price Ready For a Massive Move?
SuperBro is a crypto analyst who claims that the BTC price has the potential to shoot up. The analyst highlighted a pennant pattern on the daily time frame and is anticipating a breakout.
If the price triggers a breakout from this bullish pattern, it may surpass the $100K mark. Additionally, if buyers remain strong, it could extend to $125K territory.
Bitcoin Price Prediction Based on Technical Chart
Bitcoin price is currently at a critical juncture around the $91K mark, following a significant upward trend and breakout from previous resistance levels. With an impressive 45% growth over the past 50 days and a recent 26% surge, the price action suggests a strong bullish sentiment.
However, the near-term outlook presents two potential scenarios: if Bitcoin can maintain its position above the $90K threshold, it may trigger further buying interest. It would then scoot towards the $100K mark and beyond.
Conversely, any failure to hold the $90K level could lead to increased selling pressure, risking a drop towards $80K and prompting profit-taking among investors. The current market dynamics indicate that investor sentiment remains strong, with the potential for further gains if bullish momentum continues.
Technical indicators also support this optimistic outlook, providing a glimmer of hope for a new all-time high if key resistance levels are breached. Overall, the market remains highly dynamic, and traders will need to stay alert to these pivotal price levels as Bitcoin navigates this crucial phase.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
