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.
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.
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.
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.
Featured image from Unsplash, chart from Tradingview.com