Bitcoin has recently surpassed the historic $100,000 mark and has seen a slight increase of over one percent in the last 24 hours. According to renowned analyst Josh from Crypto World, Bitcoin is exhibiting signs of forming a new pattern in the short term that investors should closely monitor. Here is a breakdown of his analysis:
Bitcoin’s Bullish Market Overview
Josh asserts that Bitcoin is unequivocally still entrenched in a bull market. The weekly Relative Strength Index (RSI) is indicating a robust bullish trend, which has historically led to significant bull runs. Additionally, the Moving Average Convergence Divergence (MACD) is displaying bullish signals reminiscent of last year, when it accurately predicted a substantial rally that extended over several months. Based on these indicators, it is highly probable that the current bull market could persist well into 2025.
Resistance and Price Targets for Bitcoin
At present, Bitcoin is encountering resistance at approximately $102,000, which corresponds to the 161.8% Fibonacci extension level. Should Bitcoin successfully breach this resistance level, it is anticipated that the price could surge towards $113,000. Subsequently, the next prominent price target is $113,000; however, reaching $300,000 may necessitate a few more years and potentially the onset of the next bull market.
In terms of support, Bitcoin is currently holding steady around $89,000. In the short term, the price seems to be consolidating around $100,000, signifying a period of sideways movement as the market stabilizes.
Bitcoin is forming a symmetrical triangle pattern, with support delineated at $99,000 and resistance hovering around $102,000. A breakout above $102,000 could propel the price towards $108,000, while a breach below the support level could trigger a decline to approximately $93,000.
Bitcoin Liquidity Heat Map
The Bitcoin liquidation heat map indicates a notable accumulation of liquidity within the range of $104,000 to $105,000. Should Bitcoin surpass this threshold, it could trigger a short squeeze, propelling the price even higher. Several other liquidity levels between $102,000 and $105,000 are also noteworthy and could influence future price movements.
Bitcoin Dominance Drops, Altcoin Season Commences
The Bitcoin dominance chart currently reflects a decline, currently hovering around 55% after breaking a crucial support level at 57%. This decline suggests that altcoins are likely to outperform Bitcoin in the near future, hinting at the initiation of a significant altcoin season.
In conclusion, Bitcoin’s current price movement and market indicators suggest a promising outlook for the cryptocurrency. Investors are advised to closely monitor key resistance and support levels, as well as emerging patterns to capitalize on potential opportunities in the market.