Bitcoin is currently trading above the historic and crucial $100,000 level and is up more than one percent in the last 24 hours. According to analyst Josh from Crypto World: Bitcoin is forming a new pattern in the short term that we should keep an eye on. Here’s an overview of his analysis:
Bitcoin’s Bullish Market Overview
The analyst said Bitcoin is clearly still in a bull market. The weekly RSI signals a strong bullish trend, which has led to major bull runs in the past. The MACD is also showing bullish signals, similar to last year when it predicted a months-long rally. Based on these indicators, it is likely that the bull market could continue into 2025.
Resistance and Price Targets for Bitcoin
Currently, Bitcoin is facing a resistance level at around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin can break above this, we could see a move towards $113,000. The next major price target is $113,000, but it will still be a while before Bitcoin could reach $300,000, which could take a few more years and possibly the next bull market.
In support, Bitcoin is holding around $89,000. In the short term, the price is consolidating around $100,000, and we could see sideways movement for a while as the market cools.
Bitcoin is forming a symmetrical triangle pattern, with support around $99,000 and resistance around $102,000. A break above $102,000 could push the price towards $108,000, while a break below the support could lead to a decline to around $93,000.
Bitcoin Liquidity Heat Map
The Bitcoin liquidation heat map shows significant liquidity buildup around $104,000 to $105,000. If Bitcoin breaks above this level, we could see a short squeeze, causing the price to rise. There are also other liquidity levels between $102,000 and $105,000, which could play a role in future price action.
Bitcoin Dominance Declines, Altcoin Season Begins
The Bitcoin dominance chart shows a decline, currently around 55%, after breaking through a key support level of 57%. This confirms that altcoins are likely to outperform Bitcoin in the near future, signaling the start of a big altcoin season.