bullish

Bitcoin

Daily

<p>Bitcoin makes history, as a six-figure BTC price is finally here. Yet, investors might wonder how far the king of cryptocurrencies can actually go.</p>
<h2 id="b-technical-analysis-b"><b>Technical Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>The daily chart shows that Bitcoin has finally broken through the 100K milestone today and is pushing toward the $105K level. With the market structure being so bullish, even a run toward the $120K area is possible in the short term.</p>
<p>Meanwhile, the RSI has once again entered the overbought region, and the 200-day moving average is also far behind the price, currently trending near the $70K mark. Therefore, there’s also a logical probability for a correction soon, which could present a buying opportunity.</p>
<figure id="attachment_373549" aria-describedby="caption-attachment-373549" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-Daily-Dec-5-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-373549" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>The 4-hour chart clearly shows the BTC price action over the last month. The market slowed down after breaking above the $90K resistance level, gradually increasing through higher highs and lows.</p>
<p>However, today’s breakout above $100K might lead to an aggressive continuation higher.</p>
<p>Meanwhile, with the RSI also entering the overbought zone in this timeframe, there is more evidence that a pullback might happen soon, which could see the price drop toward the bullish trendline and the $96K level before taking off again.</p>
<figure id="attachment_373548" aria-describedby="caption-attachment-373548" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-373548 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-scaled.jpg" alt="btc_price_chart_0512242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCUSDT-4H-Dec-5-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-373548" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-sentiment-analysis-b"><b>Sentiment Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-funding-rates-b"><b>Funding Rates</b></h3>
<p>As the futures market is arguably the most significant determining factor in Bitcoin’s short-term price movements, analyzing its overall sentiment would likely help investors form more accurate predictions.</p>
<p>This chart presents the funding rates, which measure whether buyers or sellers are executing their leveraged positions more aggressively.</p>
<p>While the metric is currently positive, indicating bullish momentum, this can also lead to a potential reversal. High funding rates are usually followed by a sudden drop as a result of long liquidation cascades.</p>
<p>With Bitcoin’s aggregate funding rates showing the highest level over the past year, a correction seems likely soon. This could also lead to a period of consolidation as the futures market cools down.</p>
<figure id="attachment_373547" aria-describedby="caption-attachment-373547" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-373547 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-scaled.jpg" alt="btc_funding_rates_chart_0512241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/Bitcoin-Funding-Rates-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-373547" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-history-is-made-at-100k-heres-the-next-target/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: History is Made at $100K, Here’s the Next Target</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: History is Made at $100K, Here’s the Next Target

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