Bitcoin’s potential for a significant upside move in the short term has been gaining traction as a positive price trend emerges on its daily chart. The much-anticipated next move could put the digital asset back above the pivotal $100,000 mark, sparking excitement within the cryptocurrency community.
Trader Tardigrade, a technical expert and trader, recently highlighted a price trend that suggests Bitcoin could be poised for a notable spike in the upcoming days. This bullish prediction comes on the heels of BTC’s recent rally that brought its price close to the $100,000 point on Christmas. Despite some waning price performances, Bitcoin continues to maintain an Ascending Channel formation, indicating strong market confidence and resilience.
According to Trader Tardigrade, the Bitcoin Ascending Channel has held steady after a false break from the pattern’s lower support line. The recent retest of the support line just below $98,000 is crucial for determining Bitcoin’s next trajectory. If the digital asset sustains this level, Trader Tardigrade expects a move to the channel’s upper resistance line at the $110,000 level.
As institutional interest and retail investor sentiment grow, Bitcoin’s breakout from this bullish pattern could fuel a much larger rally to uncharted territory. Market participants are closely monitoring for catalysts that may trigger the much-expected surge to this cycle’s peak as confidence in Bitcoin’s prospects continues to grow.
In recent days, Bitcoin has demonstrated positive price moves, indicating renewed strength. Trader Tardigrade revealed that the crypto asset closed above a key resistance level, marking a breakout from a Descending Channel formation. This breakout signals a change in price trend and has led the analyst to believe that BTC could rally to the $100,000 mark shortly and reach new all-time highs.
Despite starting the day on a bearish note, Bitcoin is gradually transitioning toward a bullish outlook, currently valued at $96,510 with a 1% increase in the past day. However, the recent decline in Bitcoin’s price is partially attributed to a significant inflow of BTC into crypto exchanges, which is often seen as a sign of a potential sell-off in the market.
Overall, the positive price trend and potential breakout from the Ascending Channel formation have sparked optimism among investors and traders, with many eagerly anticipating Bitcoin’s next move above the $100,000 mark. As the market continues to evolve, all eyes are on Bitcoin as it maintains its critical chart formation and potential for upside potential in the short term.