Excitement and speculation around a significant rise in the price of Bitcoin, the largest digital asset after recently surging to the $100,000 level, is quickly emerging within the cryptocurrency community, with crypto enthusiasts pointing to new all-time highs in the coming weeks.
Bitcoin’s next jump from the $100,000 mark
In view of the renewed bullish momentum of the market, IC News, a media platform, Highlight Bitcoin has regained notable strength as the cryptocurrency asset prepares for another breakout rally from the pivotal Price level $100,000.
The platform’s prediction is based on several key technical indicators that indicate that a rise beyond the $100,000 level is on the horizon. This diagnosis suggests that Bitcoin’s return above the above-mentioned level may signal a new phase in its short- and long-term upward trajectory, allowing the asset to reach all-time highs.
Taking into account Fibonacci extensions BitcoinIC News expects another rise of about 15% to the $115,000 level, expressing confidence in its short-term potential. “Based on Fibonacci extensions, the immediate target for Bitcoin remains at $115,000, another 15% rise from the $100,000 level,” the platform stated.
Furthermore, the platform highlighted that when the Relative Strength Index (RSI) wraps below the overbought zone, a strong breakout may occur, pushing prices higher. $124,500, It is three times higher than the $90,500 low swing value of the Fibonacci extensions.
While Bitcoin has taken a hit below the $100,000 level, Negentropic, a cryptocurrency analyst and investor, believes the market may have returned to its initial state. Negitropic Claims The market is back where it started fighting the $98,500 resistance point, especially after Bitcoin rose past $100,000 and… Flash crash Which led to a review of $91,000 before rising to $97,000.
Speaking about the implications of the development, he pointed out that spot buying was the main driver of Bitcoin’s recovery. As a result, Bitcoin will resume its rise above $100,000 with the aim of reaching between $104,000 and $105,000 in the short term once the digital asset breaks the $98,500 resistance level.
Continuous withdrawal from cryptocurrency exchanges
As Bitcoin rose to the $100,000 level, a noticeable shift occurred BTC holders or investorsThe sentiment was monitored, sparking speculation about an imminent price rise. CryptoQuant, a leading on-chain data platform, I mentioned That there was a significant drop in BTC on cryptocurrency exchanges in recent weeks.
After examining Bitcoin exchange net inflows, a metric that tracks investor behavior and the amount of bitcoins coming in and out of exchanges, CryptoQuant revealed that negative outflows have been occurring particularly since October. This significant decline indicates this Big investors or whales They choose to keep their coins in long-term storage rather than on cryptocurrency exchanges, which may relieve selling pressure and generate a supply-demand imbalance in favor of Bitcoin.
Featured image from Unsplash, chart from Tradingview.com