bitcoin is now in a consolidation phase after weeks of significant selling pressure and fear across the market. The price has dropped by over 19% from local highs in late August and is currently testing resistance around $58,000. Despite this recent drop, the broader outlook remains bullish.
Leading analysts and investors are projecting a price surge and predicting that bitcoin will hit $100,000 by the end of the year. One prominent analyst recently shared a chart with a technical prediction that points to a possible breakout in the coming weeks.
This period of consolidation could be setting the stage for the next major rally as bitcoin continues to test key resistance levels. Investors are closely monitoring these technical indicators to determine the future price direction of the leading cryptocurrency. With volatility still present, the next few weeks will be critical for bitcoin’s trajectory.
Will bitcoin hit $100,000 this year?
bitcoin is currently at a crucial level, aiming to regain higher prices and start an uptrend. After weeks where fear and uncertainty dominated the market, optimism is slowly returning as major investors share more confident outlooks.
One of the leading voices in this shift is Kaleo, a respected investor and trader, who recently published a x.com/CryptoKaleo/status/1833594195187274024″ target=”_blank” rel=”noopener nofollow”>Technical analysis on xTheir analysis draws a comparison between the current btc chart and that of January, a crucial month when bitcoin spot ETFs were approved and the price rose aggressively.
Kaleo’s bold prediction puts bitcoin at $100,000 by December, a figure that has been a key target for cryptocurrency investors since the last bull run. While the market has been recovering from a series of corrections since March, the idea of bitcoin reaching this milestone by the end of the year is not far-fetched. bitcoin rallies are historically fast and explosive, making this prediction feasible if market momentum picks up soon.
The market is still in a recovery phase, but many investors see this $100,000 target as a realistic possibility. If bitcoin breaks through key resistance levels, the coming months could see an accelerated push towards this milestone, setting the stage for another historic bull run.
btc Price Action
btc is currently trading at $56,443, following a 10% increase from $52,540. The price is now testing the local resistance at $58,070. Despite this positive move, btc remains below the 4-hour 200-day exponential moving average (EMA), currently at $58,820. This EMA has acted as a key resistance level since early August, influencing the short-term momentum.
For the bulls to regain control and start a stronger uptrend, btc must break above the 200-hour exponential moving average (EMA) and the critical $60,000 level, a major psychological barrier for cryptocurrency investors. Successfully clearing these resistance points could position btc to target mid-range prices around $65,000.
Conversely, if btc fails to break above the 200-hour EMA, we could see a period of range-bound consolidation or even a deeper correction. Failure to break above this resistance could lead to a test of lower support levels, which could impact market sentiment and price action in the near term. Investors should keep a close eye on these key levels to assess bitcoin’s next moves and adjust strategies accordingly.
Featured image of Dall-E, chart from TradingView
