Bitcoin is making a comeback! It recently hit a six-month high, pushing close to $97,000. But will it reach the coveted $100,000 mark? Let’s dive in.
Record Bitcoin Activity
The Bitcoin network is buzzing! The number of active addresses recently reached a six-month high – over 925,000 in a single day. This surge in activity started late April and is closely tied to Bitcoin’s price climb back above $95,000. This high level of engagement suggests strong interest and potential for further growth.
Technical Analysis: Bullish Signals
Many analysts see bullish signals. One analyst points to a similar price pattern to one seen in mid-April. After consolidating around $86,000, Bitcoin broke out, creating a “fair value gap” (FVG), retested the gap, and then rallied significantly. A similar pattern is now unfolding near $95,000. The key, analysts say, is whether buyers can defend the new FVG. If they do, the path to $100,000 looks clear.
A Word of Caution: Potential Bearish Setup
However, not everyone is convinced. Some analysts see a potential short-term bearish setup. They point to a corrective, rather than impulsive, upward movement, forming a bearish pattern within a key resistance zone. If Bitcoin fails to break through the supply zone around $97,000, a price reversal could catch some investors off guard.
The Bottom Line
Bitcoin is currently trading around $96,000. While the recent surge in activity and bullish technical patterns are encouraging, potential bearish scenarios exist. Whether Bitcoin hits $100,000 remains to be seen, but the current situation is certainly exciting for Bitcoin enthusiasts.
