Emily Walker
The price of Bitcoin has surged to $99,000 again, igniting optimism about its potential to hit new heights soon. With recent upward momentum and positive market sentiment, BTC could be on track to reach its previous all-time high and possibly surpass it.
Bitcoin Poised for a New High
Crypto analyst Javon Marks has predicted a short-term surge in Bitcoin’s value. He anticipates a potential 14% rise as market bullishness increases.
Marks points out that Bitcoin’s current behavior mirrors previous patterns that led to significant price increases, indicating that the cryptocurrency remains in a bullish trend. His outlook suggests that optimism is on the rise, predicting a new high following this trajectory.
Reflecting on Bitcoin’s historical data, Marks believes that the potential for a considerable upswing remains. This indicates that the current bull run may have substantial gains ahead, and it may not be reaching its conclusion just yet.
Given the current price movement, Marks forecasts that Bitcoin could climb over 14% to and potentially beyond $113,386, termed “Target 2.” Following this, he expects an extension phase that may lead to an even larger price movement.
As Bitcoin sustains its bullish trend, it appears to be approaching the $113,386 target with a calculated pace. Supported by historical price movements, BTC may be on the brink of launching into a significant rally as the new year unfolds.
In the present key support area, market watchers speculate that Bitcoin could soon exceed its current value, aiming for the next resistance level at $100,000.
Micheal Van De Poppe, a technical analyst and founder of MN Consultancy, has predicted that Bitcoin will surpass its all-time high of $108,000. He pointed out an attractive price formation reflected in the charts.
While the prospects for Bitcoin to revisit its all-time high look strong, the critical point will be moving above $100,000. The prior liquidity grab and clear resistance points suggest BTC is set for upward movement once it breaks through.
Gradual Build-up of BTC’s Strength
After a stagnant phase, Bitcoin has started to rise as it approaches the $100,000 mark. This regained strength is mirrored in the broader crypto market since the onset of the new year, propelling various cryptocurrencies towards significant resistance levels.
As long as the upward trend persists, Bitcoin’s price could benefit from this momentum, creating the potential for a return to its all-time high. Factors like increasing investor confidence and active market participation may bolster BTC’s optimistic trajectory. CoinMarketCap indicates that Bitcoin’s trading volume has sharply risen, increasing over 43% in just the past day.