Bitcoin has surged past the $90,000 threshold once more after briefly dipping below it during a correction earlier this week. On November 14, the world’s largest cryptocurrency achieved a new all-time high of $93,477, marking yet another significant milestone in its ongoing rally.
However, a subsequent correction that lasted about two days brought the Bitcoin price down to as low as $87,100. Now, Bitcoin has regained its footing and has climbed back above $90,000.
This back-and-forth movement indicates that Bitcoin might be establishing a solid price floor around the $90,000 level, providing a foundation for its next rally. Notably, the TD Sequential indicator, which recently signaled a sell-off, is on the verge of being invalidated with a profit target now at $100,000.
Bitcoin Sets Its Sights On $100,000 As Next Price Target
The possibility of a six-figure Bitcoin price at $100,000 is now closer to reality than ever before. According to prominent crypto analyst Ali Martinez, who shared his insight on the social media platform X, Bitcoin is on track to reach $100,680 in the next few days. Interestingly, this optimistic projection stems from the TD Sequential indicator, which has proven reliable in identifying bullish and bearish signals throughout this cycle.
However, the TD Sequential’s signal is about to become invalid in this case. The daily candlestick chart he shared on social media shows that the TD Sequential presented a sell signal on November 14. Although the Bitcoin price did retrace a bit after, it has since resumed a move to the upside, allowing it to break above $90,000 once more.
With this in mind, Ali Martinez noted that the sell signal is at risk of invalidation. All the bulls need to do now is make certain a daily close above $91,900, and the sell signal will be invalidated.
The TD Sequential recently presented a sell signal on the #Bitcoin daily chart. But now it is at risk of invalidation. If $BTC can print a daily close above $91,900, it could rise toward $100,680! pic.twitter.com/oTLyn36yRR
— Ali (@ali_charts) November 16, 2024
Interestingly, buying patterns points to the possibility of the Bitcoin price closing above $91,900 either today or tomorrow. For instance, crypto exchange Binance has witnessed a significant spike in Bitcoin buy pressure in the last few hours, which suggests upward price movement could be ahead.
Image From X: Ali Martinez
Key Bitcoin Price Level To Watch
As of now, Bitcoin is trading at $91,110, just an 11% increase away from reaching the much-anticipated $100,000 milestone. Market sentiment remains overwhelmingly positive, with the Crypto Fear and Greed Index currently registering an “extreme greed” reading of 84. At this point, neither technical nor fundamental indicators point to an impending deep correction. This means that the recent 7% drop from Bitcoin’s all-time high of $93,477 was probably just people taking profits and not a major reversal in the bullish trend.
According to crypto analyst RLinda on the TradingView platform, the major resistance levels to watch for the Bitcoin price are $91,650 and $93,250. On the downside, RLinda notes that key support levels are at $90,300, $89,200, and $87,500.
Featured image from Pexels, chart from TradingView