Bitcoin (BTC) Price Analysis: Is This the Final Leg Up to $100K?
The post Bitcoin (BTC) Price Analysis: Is This the Final Leg Up to $100K? appeared first on Coinpedia Fintech News
The crypto markets consolidate as the Bitcoin price maintains a sluggish trade, failing to hold the levels above $69,000. The weekend rally that resembled the pre-halving rally indicated the token may be heading to mark a new ATH before the halving. However, the latest pullback has changed the timeline. With the halving in less than 10 days, the BTC price is now speculated to mark new highs after the event.
As the bulls have displayed acute weakness above $72,500, will the price manage to reach $100K in 2024?
Ever since the token marked new highs close to $74,000, the bulls have failed to lift and sustain the price above $72,000. This indicates the strong presence of bears here, as the buying volume often takes a dip. However, this is a strong scenario right now, which may end up with the price displaying some major moves very soon.
Bitcoin was trading close to the resistance at the all-time highs, which ended in a minor pullback. After experiencing an upwave, the token is facing a pullback, but it would be important to witness if it turns into a major correction. The week did not start as per expectation but is only halfway through and Bitcoin is still high. However, considering the above chart patterns, it suggests that the price is heading close to the apex, which may eventually trigger a fine upswing to $100K.
In the longer time frame, the token has often formed an ascending triangle and before reaching the apex, it has initiated a breakout and flew high to form a new ATH. However, the pace has been decreasing and hence the token has reached the same position as before. Therefore, the next couple of days can be pretty crucial, as to begin with the next bullish wave to $100K, a breakout is required before the end of the week. Otherwise, the Bitcoin (BTC) price may continue to consolidate till the end of the month, followed by a bullish breakout.
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