Bitcoin’s Path Forward: Next Major Target Set At $121,290, What’s Driving The Momentum?

Bitcoin’s Path Forward: Next Major Target Set At $121,290, What’s Driving The Momentum?
фото показано с : bitcoinist.com

2024-12-12 16:30

Bitcoin’s price prospects look promising after its recent notable upside momentum above the $100,000 pivotal milestone. This prompts a broader bullish outlook for the cryptocurrency asset to surge significantly in the upcoming weeks to unprecedented levels as the market gradually regains its uptrend.

Next Big Move For Bitcoin In The Works

Given Bitcoin’s renewed strength, analysts at Rose Premium Signals, a technical analysis platform have predicted that BTC could experience a major rally in the upcoming days, potentially to a new all-time high price.

This platform forecast highlights BTC’s resiliency during waning market performances, cementing its status as the leading digital asset in the sector. Amidst growing bullish momentum in the market, Rose Premium Signals points to key indicators and a chart pattern as the main drivers of the anticipated surge to an unprecedented level.

After delving into the current price action of Bitcoin on the daily time frame, Rose Premium Signals noted that the crypto asset is showing a consistent upward trend since it is trading within a well-defined Ascending Channel formation.

It is worth noting that an Ascending Channel formation, also known as a Rising Channel, is formed from two upward lines above and below a price to indicate resistance and support levels. In other words, it is a bullish chart pattern characterized by higher highs and higher lows, providing a clear visual signal of upside strength for traders.

As Bitcoin continues to move within the critical chart pattern, the platform has underlined several robust support points at the $92,500 and $94,000 price levels, which has persistently held strongly in the midst of retracements.

Considering a breakout from the ascending channel formation, Rose Premium Signals is confident that the next major target for BTC could reach as high as $121,290 in the near term. Specifically, this anticipated upswing maintains the bullish momentum in alignment with the upper boundary of the ascending channel.

Thus far, with multiple positive developments such as rising institutional interest, robust on-chain activity, and decreasing supply on crypto exchanges, Bitcoin upside growth seems likely, setting the stage for another historical milestone.

BTC At The Brink Of A New All-Time High?

Presently, BTC is demonstrating a healthy price performance, surpassing multiple key resistance areas like the $100,000 threshold once again. Given its renewed momentum and a recent chart breakout, Titan of Crypto, a market analyst and trader, believes the digital asset might be hitting a new peak in the near term.

Titan of Crypto’s bold forecast is bolstered by Bitcoin’s successful breakout of the Descending Wedge pattern and reaching the intermediate target of $95,000, which he had highlighted a few weeks ago. As a result, the market expert expects the crypto asset to rise to the 200% Fibonacci extension level set at the $111,000 price mark.

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bitcoin momentum regains outlook cryptocurrency bullish broader

Источник: bitcoinist.com

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