Excitement and speculation about a notable price surge for Bitcoin, the largest digital asset following its recent rise to the $100,000 level, is quickly surging within the crypto community, with cryptocurrency enthusiasts targeting new all-time highs. in the coming weeks.
Bitcoin’s next jump from the $100,000 mark
In light of the renewed bullish market momentum, IC News, an information platform, highlighted that Bitcoin has regained notable strength as the crypto asset prepares for another rally from the fundamental point $100,000 price level.
The platform’s prediction is based on several key technical indicators that suggest a rally beyond the $100,000 milestone is on the horizon. This forecast suggests that BTC’s resurgence above the aforementioned level may signal a new phase in its short- and long-term bullish trajectory, allowing the asset to reach new all-time highs.
Considering the Fibonacci extensions of btcIC News anticipates another rally of around 15% to the $115,000 mark, expressing confidence in its near-term potential. “Based on Fibonacci extensions, the immediate target for Bitcoin remains at $115,000, another 15% increase from the $100,000 level,” the platform stated.
Furthermore, the platform highlighted that when the Relative Strength Index (RSI) coils below the overbought area, a strong breakout could occur, pushing prices up to $124,500, which is three times higher than the minimum value of $90,500 for Fibonacci extensions.
While Bitcoin has taken a hit below the $100,000 level, Negentropic, a crypto analyst and investor, believes that the market could have returned to its initial state. Negentropic claims The market is back to where it started fighting the $98,500 resistance point, especially after Bitcoin’s rise above $100,000 and the sudden accident that caused it to revisit $91,000 before rising to $97,000.
Addressing the fallout from the development, he noted that spot purchases have been the main driver of BTC’s rebound. As a result, Bitcoin will resume its climb above $100,000 with the goal of reaching between $104,000 and $105,000 in the near term once the digital asset breaks the $98,500 resistance level.
A persistent pullback from crypto exchanges
As Bitcoin moves towards the $100,000 mark, there is a notable change in BTC holders or investors‘Sentiment has been detected, leading to speculation about an imminent price rally. CryptoQuant, a leading on-chain data platform, reported that there has been a significant drop in BTC on crypto exchanges in recent weeks.
After examining net Bitcoin exchange flows, a metric that tracks investor behavior and the amount of BTC flowing into and out of exchanges, CryptoQuant revealed that negative outflows have been occurring particularly since October. This substantial drop indicates that big investors or whales They are choosing to store their coins in long-term storage rather than on crypto exchanges, which could alleviate selling pressure and create a supply-demand imbalance in favor of BTC.
Featured image from Unsplash, chart from Tradingview.com
