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Bitcoin Set For Another Surge Beyond $100,000 Level – Here Are The Next Potential Targets

Godspower Owie
by Godspower Owie
9 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Excitement and speculations about a notable price spike for Bitcoin, the largest digital asset following its recent ascent to the $100,000 level, are emerging rapidly within the crypto community, with crypto enthusiasts pointing to new all-time highs in the upcoming weeks.

Next Leap For Bitcoin From The $100,000 Mark

In light of renewed market upside momentum, IC News, an informative platform, highlighted that Bitcoin has regained notable strength as the crypto asset gears up for another breakout rally from the pivotal $100,000 price level.

Related Reading: Bitcoin’s Exchange Balance Sees Sharp Decrease As Price Momentum Builds

The platform’s prediction is based on several key technical indicators suggesting that a rally beyond the $100,000 milestone is on the horizon. This prognosis suggests that BTC’s resurgence above the aforementioned level may signal a new phase in its bullish trajectory in the short and long term, allowing the asset to reach new all-time highs.

Considering Fibonacci extensions of BTC, IC News anticipates another rally of about 15% to the $115,000 mark, expressing its confidence in its short-term potential. “Based on Fibonacci extensions, the immediate target for Bitcoin remains at $115,000, another 15% uptick from the $100,000 level,” the platform stated.

Bitcoin
BTC poised for another rally | Source: IC News on X

Furthermore, the platform highlighted that when the Relative Strength Index (RSI) coils beneath the overbought area, a strong breakout could take place, pushing prices as high as $124,500, which is three times higher than the swing low value of $90,500 for the Fibonacci extensions.

While Bitcoin has taken a hit below the $100,000 level, Negentropic, a crypto analyst and investor, believes that the market might have returned to its initial state. Negentropic claims the market is back where it started fighting the $98,500 resistance point, especially after Bitcoin’s surge beyond $100,000 and the flash crash that caused it to revisit $91,000 before rising to $97,000.

Addressing the aftermath of the development, he noted that spot buying has been the main driver of BTC’s rebound. As a result, Bitcoin will resume its ascent above $100,000 with the aim of reaching between $104,000 and $105,000 in the short term once the digital asset breaks the $98,500 resistance level.

A Persistent Withdrawal From Crypto Exchanges

As Bitcoin pushes for the $100,000 mark, a notable shift in BTC holders or investors‘ sentiment has been spotted, sparking speculations about an impending price rally. CryptoQuant, a leading on-chain data platform, reported that there has been a significant drop in BTC in crypto exchanges in the past weeks.

Related Reading: Bitcoin Price Around $200,000 “Achievable” By 2025 End, Standard Chartered Says

After examining the Bitcoin Exchange Netflows, a metric that tracks investors’ behavior and the amount of BTC going in and out of exchanges, CryptoQuant revealed that the negative outflows have been happening particularly since October. This substantial drop indicates that large investors or whales are choosing to save their coins in long-term storage rather than crypto exchanges, which could ease selling pressure and generate a supply-demand imbalance in favor of BTC.

Bitcoin
BTC trading at $99,550 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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