Anticipation and conjectures regarding a significant price surge for Bitcoin, the foremost digital currency following its recent rise to the $100,000 benchmark, are swiftly surfacing within the cryptocurrency community, with digital asset enthusiasts pointing towards fresh all-time peaks in the forthcoming weeks.
Upcoming Surge For Bitcoin Beyond The $100,000 Threshold
In light of revitalized market upward momentum, IC News, an informative resource, underscored that Bitcoin has regained significant power as the digital asset prepares for another breakout rally from the critical $100,000 price point.
The forecast of the platform relies on several crucial technical indicators indicating that a rally surpassing the $100,000 benchmark is imminent. This prediction implies that BTC’s revival above the previously mentioned level may denote a new phase in its bullish path in both short and long terms, enabling the asset to attain new all-time records.
Considering Fibonacci extensions of BTC, IC News forecasts another increase of approximately 15% to the $115,000 level, expressing its optimism regarding its short-term prospects. “Based on Fibonacci extensions, the immediate target for Bitcoin remains at $115,000, another 15% rise from the $100,000 mark,” the platform noted.
Moreover, the platform pointed out that when the Relative Strength Index (RSI) tightens below the overbought region, a robust breakout may occur, elevating prices as high as $124,500, which is threefold higher than the swing low value of $90,500 for the Fibonacci extensions.
While Bitcoin has faced a decline below the $100,000 mark, Negentropic, a cryptocurrency analyst and investor, holds the view that the market might have reverted to its original state. Negentropic asserts the market is back to where it began contending against the $98,500 resistance level, particularly after Bitcoin’s rise above $100,000 and the flash crash that caused it to revisit $91,000 before climbing to $97,000.
Reflecting on the aftermath of the development, he remarked that spot purchases have been the principal driver of BTC’s recovery. Consequently, Bitcoin will continue its ascent above $100,000 aiming to reach between $104,000 and $105,000 in the short term once the digital asset crosses the $98,500 resistance barrier.
A Continued Withdrawal From Cryptocurrency Exchanges
As Bitcoin strives for the $100,000 threshold, a notable transformation in BTC holders or investors’ sentiment has been observed, igniting speculations about an upcoming price surge. CryptoQuant, a premier on-chain data platform, reported that there has been a substantial decrease in BTC in cryptocurrency exchanges over the past weeks.
After analyzing the Bitcoin Exchange Netflows, a gauge that monitors investors’ movements and the volume of BTC entering and exiting exchanges, CryptoQuant disclosed that the negative outflows have been occurring particularly since October. This significant decline suggests that large investors or whales are opting to store their coins in long-term preservation rather than crypto platforms, which may alleviate selling pressure and create a supply-demand discord favoring BTC.
Featured image from Unsplash, chart from Tradingview.com
