Bitcoin’s ascent continues unabated, leading some to speculate that the market cycle peak is still to come. Titan of Crypto, a market expert, claims that the token’s monthly RSI shows potential for additional growth. The current bull market has not yet tested the overbought zone, a threshold that has previously occurred during cycle tops in 2013, 2017, and 2021.
Bitcoin’s Path to New Highs
By highlighting Bitcoin’s constant cyclical tendencies, the shared research demonstrates that declines are a natural component of the ascent to new highs. According to Titan of Crypto’s chart, Bitcoin prediction is on an upward trend, and the trend line even implies a potential attempt to reach a new all-time high. The expert advises traders to look at the broader view, saying, “When in doubt, zoom out.”
By highlighting Bitcoin’s constant cyclical tendencies, the shared research demonstrates that declines are a natural component of the ascent to new highs. According to Titan of Crypto’s chart, Bitcoin is on an upward trend, and the trend line even implies a potential attempt to reach a new all-time high. The expert advises traders to look at the broader view, saying, “When in doubt, zoom out.”
Bitcoin Hits $103K Support at $94K
As its price reached a crucial resistance near $99,661, Bitcoin has been slowly gaining pace since mid-November, climbing within an ascending channel. The bulls regrouped and restarted the advance after a brief reversal to $90,767, which paused this rise. As a result of all the excitement, the token broke the $100,000 mark and reached a new record high of $103,900.
The cryptocurrency, however, found support just below the $94,208 level, which is the 78.6% Fibonacci retracement line, after this upswing. After that, Bitcoin prediction price levelled off; as of this writing, it was trading at $97,727, down 1.92% from the previous day. Here, the Bitcoin token is circling close to the bottom of the rising channel, a region that has often served as a launching pad for price rallies in the past.
Bitcoin $114K Rise or $89K Drop?
If this trend continues, Bitcoin might return to its previous highs in the near future, with $101,430 serving as the first obstacle. If this area of investigation is fruitful, the cryptocurrency may be able to test its current high and perhaps reach new heights. This scenario suggests that by the end of the year, Bitcoin’s value might have risen to an unprecedented $114,004, a 16% increase from where it is now.
Titan of Crypto’s bold prediction of $160,000, which reflects increasing market optimism, lends credence to this prediction. In contrast, a return to $91,000, the price last seen on December 5, would be possible if the Bitcoin cryptocurrency cannot sustain support close to the 78.6% Fibonacci level at $95,978.
Trouble could be on the horizon if prices continue to fall towards the $89,746 61.8% Fibonacci retracement, rendering the bullish structure useless. If this happens, the Bull market, a lower bottom, might be on the horizon, sending market sentiment plummeting and raising fears of a trend reversal.
Also Read: Why Bitcoin’s Price Surge Could Last in 2024
Summary
Bitcoin’s price is increasing, and experts forecast it to go even higher. According to Titan of Crypto, the present bull market is far from over. Bitcoin prediction is currently trading at approximately $97,727, having hit a record high of $103,900 before finding support at $94,208.
If current trends continue, Bitcoin’s value might reach $114,004 by the end of the year. However, if support breaks, the price could fall to $91,000 or even lower. Forecasts vary between $114,000 and $160,000, but a decline below important support levels may indicate a turn in the market.
FAQs
What role does the monthly RSI play in Bitcoin's growth?
Titan of Crypto highlights that the monthly RSI indicates room for additional growth, supporting Bitcoin’s upward movement.
What price levels should Bitcoin traders watch for?
Bitcoin’s next resistance is at $101,430, with potential to reach $114,004 by year-end, but support at $94K is crucial.
What is the potential for Bitcoin to reach new highs?
Bitcoin is expected to attempt new all-time highs, with predictions ranging from $114,000 to $160,000 depending on market conditions.
What risks could Bitcoin face in the near future?
If Bitcoin fails to sustain support near $94K, it could drop to $91,000 or lower, signaling potential market reversal.
