Cryptocurrency Surges to Over $105K, Aiming for $124K in Current Price Trajectory
Taking a Gander at the Cryptosphere:
Bitcoin's enthralling journey has propelled its value past the $105K mark, remaining steadfast on its path to surpassing the $124K resistance. The weekly BTC chart paints a picture of back-to-back higher highs and higher lows, hinting at a potential revisitation of previous highs.
Uptrend's Base: Accumulation and Breakout Phases:
The chart reflects Bitcoin's descent from its 2021 peak, forming a destructive five-wave cycle that culminated near $15K – the low ebb of the crypto market's bearish tide. As accumulation zones emerged, multiple higher lows surfaced post the breakout from the long-term trendline.
After the initial breakout, Bitcoin exhibited a series of bullish continuation patterns recognized as reaccumulation zones. These zones surfaced above $26K and later near $47K, where price consolidated before soaring higher. The upward momentum propelled BTC northward, breaching the $68K significant threshold, a potent psychological and technical milestone.
The chart also underscores several clear retests of trendlines and horizontal support during the uptrend. These retests served as confirmation of the bullish continuation, underscoring buyer dominance.
Weekly Structure salutes the $124K Landmark:
The current chart depicts a robust upward channel, with the upper resistance target poised at $124K. The channel's structure features consistent higher highs and higher lows, testifying to the healthy momentum of the uptrend. If this trend persists, Bitcoin might cast aside its past peak with a solid verification.
The rise commenced following the breakout from $33K, propelling to $48K, subsequently increasing to $69K and eventually transcending $100K. Each of these levels met with paltry rejection, exhibiting persisting trader interest. At the moment, Bitcoin hovers above $105K, displaying modest signs of retreat.
The upward channel's anchoring diagonal line remains immaculate, reinforcing the rally's technical support. The volume during these upward moves was discernable, particularly during the $68K to $88K ascent, where institutional buying interest appeared palpable. This setup sets the stage for more expansive growth.
Community Fervor Surges: Hoping for a New ATH:
CryptoYoddha's chart generated close to 200K views within two days of its posting, demonstrating substantial engagement from the trading fraternity. The tweet described Bitcoin with "getting ready for a new ATH," alluding to an all-time high. Users' responses echoed increasing confidence, with many alluding to their holding positions and targeting the breakout.
The region between $88K and $105K on the chart denotes the most recent higher low prior to the breakout leg. Should momentum persist, a potential bullish objective beyond $120K may pulling traders like a magnet. Momentum indicators corroborate the present strength, with no bearish divergence discernible on the weekly chart.
The Predicted Run-Up:
According to CoinCodex's projections, Bitcoin might surge to $110K in the short term, with a mid-July price tag pegged at $117,672, reflecting an 8.28% increase from the current levels. Analysts appear bullish, with a Fear & Greed Index pointing toward 'greed.' The long-term outlook anticipates Bitcoin hitting $144,245 by mid-September. To close the year, some estimations suggest the cryptocurrency could reach $200K – a prospect some deem "conservative."
Though these predictions are founded on technical analyses and market trends, they can vary significantly depending on various external factors, including global economic conditions and trader emotions.
- Investors are watching Bitcoin closely as it stands above $105K, hoping for a potential breakout past the $124K landmark, following a series of back-to-back higher highs and higher lows, a sign of a healthy uptrend in the cryptosphere.
- The increasing interest in Bitcoin has been evident in the crypto community, as demonstrated by CryptoYoddha's chart garnering over 200K views, with traders alluding to holding positions and targeting a new all-time high, as some analysts predict Bitcoin could surge to $200K by the end of 2021, according to CoinCodex's projections.
