Bitcoin’s Recent Surge and Potential for $100k: A Comparison to 2020
In contrast to its previous performance, Bitcoin [BTC] recently took some time to surpass the $91k threshold. However, this could signal the start of a new uptrend. The current trend appears to echo past patterns, hinting that BTC may reach $100k sooner than anticipated.
Positive Momentum for Bitcoin
Following a record high, BTC experienced a slight pullback before stabilizing above $90k. Some speculate that the sale of 3,000 BTC by miners could be a contributing factor. Despite increased supply due to profit-taking, Bitcoin’s ability to sustain levels above $90,000 reflects strong market confidence.
Investor sentiment was rewarded with a nearly 2% price increase in the last 24 hours, propelling BTC above $91k.
Renowned crypto analyst Ali recently highlighted an interesting observation in a tweet.
According to the tweet, Bitcoin was repeating a pattern from 2020. After surpassing its previous all-time high, BTC surged by 26%, consolidated, and then skyrocketed to $40,000.
A similar sequence has unfolded this time, with BTC climbing 28% post-ATH and undergoing a six-day consolidation phase. With history seemingly repeating itself, aiming for $100k for BTC doesn’t seem overly ambitious.
Is BTC Eyeing $100k Next?
The Pi Cycle Top indicator indicates that Bitcoin is trading significantly above its assumed bottom of $64.9k, suggesting a potential market top at $120k.
Hence, speculating on BTC targeting $100k next, especially amid increased volatility, may not be far-fetched.
Recent data from Glassnode indicates a rise in whale confidence in BTC over the past weeks, evidenced by an increase in addresses holding over $1 billion worth of the asset. This accumulation could drive further price appreciation.
Moreover, BTC’s NVT ratio has decreased post a sharp uptick, indicating undervaluation and potentially signaling an imminent price surge.
Analysis from CryptoCrypto unveiled the formation of a bullish ascending triangle pattern on BTC’s 12-hour chart, with the coin currently testing the pattern’s resistance level.
If Bitcoin successfully breaches this level, a new bull run that propels the coin to $100k might not be surprising.