Bitcoin recently broke back above $100,000, a significant milestone. But what’s next? Some analysts predict a brief pause before the next price surge.
Bitcoin’s Recent Rally and Key Levels
Bitcoin’s price has been on a tear lately, climbing over 23% from around $84,000 in just a month. It even hit a three-month high of $105,819! Currently, it’s trading between $92,000 and $106,000 – a range established after the US elections. While close to its all-time high, the recent rally seems to be slowing down.
Analyst Daan Crypto Trades points out that Bitcoin’s price is far from any major resistance levels. He says there aren’t many new positions around the current price, meaning a big move might be coming. Key levels to watch are the resistance around $106,000 and the support around $93,000.
A Two-Week Sideways Movement?
Analyst The Cryptonomist sees Bitcoin’s price action as straightforward. They believe Bitcoin is in a rising wedge pattern. If this pattern holds, Bitcoin could rise to $110,000-$112,000. However, a drop below $100,000 could lead to a fall towards $92,000 before another attempt at a new all-time high.
Another analyst, Ted Pillows, sees a correlation between Bitcoin’s price and the Global M2 money supply. He suggests that Bitcoin might consolidate for one to two weeks, mirroring the Global M2 chart. After this consolidation, he predicts a significant price increase, potentially pushing Bitcoin above $120,000. He also notes that Bitcoin appears to be in the final stages of a Wyckoff accumulation, which is a positive sign. In short, he expects the next big move upwards to happen soon.
The Bottom Line
Currently, Bitcoin is trading around $104,916. While the short-term outlook might involve some sideways movement, several analysts predict a substantial price increase in the near future. Whether it’s a two-week wait or not, the next leg up could be significant.
