- After consolidation, Bitcoin jumped above the $91,000 mark again.
- BTC tested the resistance of a bullish ascending triangle pattern.
Unlike last time, Bitcoin [BTC] it took a few days to finally get above the $91k mark. But this could be the start of a new rally. This appeared to be the case as BTC reflected its past trend, suggesting that the king coin could reach $100,000 sooner than expected.
Bitcoin turns bullish again
After hitting an all-time high, BTC witnessed a pullback but managed to trade above the $90,000 mark as it started to consolidate. AMBCrypto reported rather that a possible reason for this could be the sell-off of 3,000 BTC by miners.
Bitcoin’s ability to remain above $90,000 indicated significant market confidence, even as miners’ profit-taking resulted in an increase in supply.
Investor confidence has indeed paid off as the price of BTC has risen by almost 2% over the past 24 hours, allowing it to rise above $91,000.
Meanwhile, Ali, a popular crypto analyst, recently posted a tweet point to a remarkable development.
Source:
According to the tweet, Bitcoin was mimicking a past trend. In 2020, after breaking its previous all-time high of $19,700, Bitcoin rose 26%, consolidated for a week and then jumped to $40,000.
This time a similar trend was seen. To be precise, BTC is up 28% after surpassing its previous ATH and has been consolidating over the past six days. While history repeats itself, BTC is not an overly ambitious expectation next to the $100,000 target.
Is BTC Targeting $100,000 Next?
The Pi Cycle Top indicator indicated that Bitcoin was trading well above its assumed market bottom of $64.9k. If the indicator is to be believed, BTC’s possible market top was at $120,000.
Therefore, it wouldn’t be a gamble to expect BTC to target $100,000 next, in case of a rise in volatility.
Source: Glassnode
Glassnode’s data also indicated that whales’ trust in the king coin has increased in recent weeks. This was evidenced by the increase in the number of BTC addresses by more than $1 billion, which could fuel a price increase.
Moreover, BTC’s NVT ratio declined after a sharp increase. A decline in the measure means that an asset is undervalued, indicating that a price increase will occur soon.
Source: Glassnode
AMBCrypto’s analysis showed that a bullish ascending triangle pattern was forming on BTC’s 12-hour chart. At the time of writing, the king coin was testing the pattern’s resistance.
Read Bitcoins [BTC] Price prediction 2024–2025
If Bitcoin manages to break above that level, it won’t be surprising to see another bull run, pushing the coin towards $100,000.
Source: TradingView