Bitcoin Breakout Ahead? Here's the Scoop
Bitcoin Price Forecasts Rise towards $100K Mark
Bitcoin is on a roll, sitting pretty at just below the $100k mark. Remember when it dipped below $75k last month? Yeah, that's normal for crypto land.
The latest surge in Bitcoin's price could be attributed to none other than the energizing chatter around US President Donald Trump's "major trade deal" with a "respected country" and the Fed keeping interest rates steady at 4.25%- 4.50%.
Analysts are feeling optimistic about the short-term future of Bitcoin. According to Rekt Capital, Bitcoin has to stay above $98,700 to prepare for a breakout towards $104.5K. CRYPTOWZRD, on the other hand, believes a push beyond $100k could drive the price up to $108k. But watch out for any geopolitical flare-ups with China, as that could lead to extreme volatility, potentially bumping the support target down to $91.5k.
Crypto Yoddha is predicting a break of a long-term resistance high, which could pave the way for a new All-Time-High (ATH) of around $140k. Meanwhile, Merlijn The Trader thinks Bitcoin is gearing up for liftoff—he's just not ready to set a specific price target yet.
The Data Behind the Bullishness
There are a few reasons suggesting that Bitcoin's rally might be far from over. For instance, daily net inflows into spot Bitcoin ETFs have been positive more often than not over the past few weeks, indicating growing investor confidence in the digital gold. Moreover, there's a shift away from centralized platforms, with more Bitcoin moving towards self-custody solutions, reducing immediate selling pressure.
However, the Relative Strength Index (RSI) has breached 70, which could hint at an upcoming correction. So, while the forecast looks bullish, a pullback might be on the horizon.
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References:
1: Bitcoin Could Again Hit $100,000 as sellers Exhausted: Analyst
2-4: Rekt Capital Analysis
5: CRYPTOWZRD Analysis
- The analysts' optimism for Bitcoin's short-term future is fueled by predictions that the cryptocurrency could break out towards $104.5K if it maintains a position above $98,700, with some suggesting an even higher price of up to $108k.
- Crypto Yoddha predicts a break of a long-term resistance high, potentially paving the way for a new All-Time-High (ATH) of around $140k.
- Merlijn The Trader thinks Bitcoin is gearing up for liftoff, although he hasn't yet set a specific price target.
- Daily net inflows into spot Bitcoin ETFs have been generally positive, suggesting growing investor confidence in digital gold.
- However, the Relative Strength Index (RSI) has breached 70, which might hint at an upcoming correction, potentially indicating a pullback in the near future.
