Bitcoin Aims For New Highs Even As Sellers Defend $110K
The post Bitcoin Aims For New Highs Even As Sellers Defend $110K appeared on BitcoinEthereumNews.com. Key point: BTC’s rally above $109,000 has invalidated a bearish pattern, setting the stage for bulls to make a run at a new all-time high. Bitcoin (BTC) rallied sharply on Wednesday and is trying to continue its uptrend on Thursday, indicating sustained demand from the bulls. 10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could surge to $116,000, supported by strong inflows into the spot Bitcoin exchange-traded funds, US Federal Reserve uncertainty and the sharp drop in Bitcoin supply on crypto exchanges. Could Bitcoin soar and maintain above the all-time high, or will the price turn lower, trapping the aggressive bulls? Let’s analyze the charts to find out. Bitcoin price prediction Bitcoin bounced off the $105,000 support and closed above the downtrend line on Wednesday. That invalidated the bearish descending triangle pattern, which is a positive sign. BTC/USDT daily chart. Source: Cointelegraph/TradingView Both moving averages are sloping up, and the relative strength index (RSI) is in the positive territory, indicating an advantage to buyers. The BTC/USDT pair could reach the neckline of the inverse head-and-shoulders pattern, where the bears are expected to step in. If the bulls do not give up much ground from the neckline, it increases the likelihood of a break above it. The pair may then rally toward the pattern target of $150,000. Sellers will have to swiftly pull the price below the moving averages to prevent the upside. The pair may then slump to $105,000 and subsequently to $100,000. Related: Bitcoin price rallied 80% the last time BTC funding rates flipped red BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView The price broke above the downtrend line and successfully retested the breakout level, signaling that the bulls are trying to flip the level into support. The upsloping moving averages and the RSI in the positive zone…
The post Bitcoin Aims For New Highs Even As Sellers Defend $110K appeared on BitcoinEthereumNews.com.
Key point: BTC’s rally above $109,000 has invalidated a bearish pattern, setting the stage for bulls to make a run at a new all-time high. Bitcoin (BTC) rallied sharply on Wednesday and is trying to continue its uptrend on Thursday, indicating sustained demand from the bulls. 10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could surge to $116,000, supported by strong inflows into the spot Bitcoin exchange-traded funds, US Federal Reserve uncertainty and the sharp drop in Bitcoin supply on crypto exchanges. Could Bitcoin soar and maintain above the all-time high, or will the price turn lower, trapping the aggressive bulls? Let’s analyze the charts to find out. Bitcoin price prediction Bitcoin bounced off the $105,000 support and closed above the downtrend line on Wednesday. That invalidated the bearish descending triangle pattern, which is a positive sign. BTC/USDT daily chart. Source: Cointelegraph/TradingView Both moving averages are sloping up, and the relative strength index (RSI) is in the positive territory, indicating an advantage to buyers. The BTC/USDT pair could reach the neckline of the inverse head-and-shoulders pattern, where the bears are expected to step in. If the bulls do not give up much ground from the neckline, it increases the likelihood of a break above it. The pair may then rally toward the pattern target of $150,000. Sellers will have to swiftly pull the price below the moving averages to prevent the upside. The pair may then slump to $105,000 and subsequently to $100,000. Related: Bitcoin price rallied 80% the last time BTC funding rates flipped red BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView The price broke above the downtrend line and successfully retested the breakout level, signaling that the bulls are trying to flip the level into support. The upsloping moving averages and the RSI in the positive zone…
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