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Bitcoin has finally reclaimed the long-awaited $100,000 mark after days of consolidation and continued negative sentiment. The psychological milestone was a key resistance level, with many investors and analysts keeping a close eye on BTC’s price action for clues about the next big move. The recent break above $100,000 signals renewed market optimism, but the question remains: can Bitcoin maintain its momentum?
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Top analyst Carl Runefelt shared a detailed technical analysis of X, highlighting a critical pattern forming in Bitcoin’s 1-hour timeframe. According to Runefelt, Bitcoin is currently forming a symmetrical triangle, a classic chart pattern that typically precedes significant price movement. The pattern suggests that Bitcoin is headed for a decisive breakout or collapse, with the coming days – or even hours – potentially shaping its short-term trajectory.
This pivotal moment for Bitcoin comes as the broader crypto market experiences renewed energy after a sluggish end to the previous year. Investors are optimistic yet cautious as technical conditions could indicate a continued rally or a temporary setback. With BTC back into the six figures, the stage is set for a critical period that could define the first quarter of 2025.
Bitcoin breaks above $100,000, but faces risks
Bitcoin has risen to $102,700 with impressive strength, fueling optimism for the very bullish year ahead. Investors are keeping a close eye on the market leader, which continues to show resilience after regaining the $100,000 mark. However, BTC is not without risks; Any loss from current levels could result in a significant pullback, which could shake confidence in the ongoing rally.
Top analyst Carl Runefelt recently shared a detailed technical analysis on Xhighlighting Bitcoin’s formation of a symmetrical triangle on the hourly time frame. This classic chart pattern often precedes a sharp breakout or collapse, indicating increased market activity. Runefelt emphasized that the next move could happen if the price consolidates tightly within the triangle.
Runefelt outlined key price targets for traders to look at. A close below $100,000 would act as a bearish signal, potentially undoing the bullish structure that has built up in recent weeks. Conversely, a break above $103,000 would confirm bullish momentum and pave the way for a continuation of the rally.
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The coming days will be crucial for Bitcoin as the market remains in a state of indecision. While optimism surrounds the possibility of a continued bull cycle, the potential for increased volatility underlines the need for caution during this crucial period.
Testing new liquidity
Bitcoin is trading at $101,400 after a decisive four-hour breakout above the critical $100,000 mark, sparking renewed optimism among investors. This clean breakout has pushed BTC into new liquidity above the psychological $100,000 level, a sign of strength as the market leader attempts to maintain bullish momentum.
However, the battle is far from over. While Bitcoin’s price action remains promising, bulls need to push the price higher to exert full control. The next major hurdle is at $103,600, a key resistance level that, if broken, could pave the way for a massive rally. A strong move above this point would confirm Bitcoin’s bullish structure and likely attract more buyers, pushing the price to new all-time highs.
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On the other hand, the inability to hold more than $100,000 could result in a consolidation phase. This scenario could cause BTC to remain range-bound, frustrating traders and delaying the bullish breakout that investors are eagerly awaiting.
Featured image of Dall-E, chart from TradingView
