Bitcoin has recently surpassed the significant $100k mark and has seen a more than one percent increase in the last 24 hours. Analyst Josh from Crypto World has shared insights on a new short-term pattern forming in Bitcoin that investors should monitor closely. Here’s a summary of his analysis:
Bitcoin’s Bullish Market Analysis
The analyst believes that Bitcoin is still firmly in a bull market. The weekly RSI indicates a strong bullish trend, similar to previous significant bull runs. Additionally, the MACD is displaying bullish signals, reminiscent of last year when it foreshadowed a prolonged rally. These indicators suggest that the bull market could potentially extend into 2025.
Resistance Levels and Price Targets for Bitcoin
Currently, Bitcoin is encountering resistance around $102,000, corresponding to the 1618 Fibonacci extension level. A breakthrough at this point could propel the price towards $113,000. While $300,000 remains a distant target, it might take several years and the advent of the next bull market to achieve. On the support side, Bitcoin is holding steady at approximately $89,000. In the short term, the price is consolidating near $100,000, with possible sideways movement as the market stabilizes.
Bitcoin seems to be forming a symmetrical triangle pattern, with support at $99,000 and resistance at $102,000. A breach above $102,000 could drive the price towards $108,000, while a drop below support could lead to a decline to around $93,000.
Bitcoin Liquidity Analysis
The Bitcoin liquidation heat map indicates substantial liquidity clustering between $104,000 and $105,000. A breakthrough above this range could trigger a short squeeze, pushing the price higher. There are additional liquidity levels within the $102,000 to $105,000 range that could influence future price movements.
Bitcoin Dominance Declines, Altcoin Season Emerges
Bitcoin dominance has dropped to around 55%, after breaching a critical support level at 57%. This decline suggests that altcoins may outperform Bitcoin in the foreseeable future, potentially marking the onset of a significant altcoin season.
