Bitcoin (BTC), the world’s largest cryptocurrency, continues to make history, having reached a price of $100,000. Analysts are optimistic that BTC still has significant potential to surge to $120,000. However, amid this bullish trend, bearish shadows persist, especially with suspicious activity from large whale wallets.
BTC Price Hits $100,000
Bitcoin recently set a new all-time high above $100,000, a milestone that has brought significant positive momentum to the crypto market. This surge marks more than a sixfold increase from its previous low of around $16,000. Bitcoin reached the $100,000 mark at precisely 9:33 AM WIB on Thursday, December 5, 2024.
This achievement is attributed to several factors, including global economic policy dynamics and increasingly supportive regulatory perspectives. According to previous reports, Federal Reserve Chair Jerome Powell referred to Bitcoin as a competitor to gold, not the US dollar.
“Bitcoin is used like gold—as a store of value, although it is highly volatile,” he said.
On the other hand, the nomination of Paul Atkins as the new SEC Chair by Donald Trump has further bolstered positive sentiment. Atkins, known for his support of digital asset innovation, is expected to bring policies that encourage crypto growth.
Meanwhile, Russian President Vladimir Putin stated that technologies like Bitcoin cannot be stopped, reinforcing global market optimism about the future of this asset.
With market capitalization surging to over $2 trillion, Bitcoin continues to demonstrate significant potential as a hedge amid global uncertainty.
Bitcoin Predicted to Reach $120,000
After BTC broke through $100,000, analysis from prominent crypto analyst RLinda on TradingView presents a realistic outlook.
The current BTC price chart shows a stable upward trend within an ascending channel, with a solid support level around $94,700. The MA-50 and MA-200 moving averages provide strong support for this bull run, while the primary liquidity zone also remains robust at the same level.
One key technical signal is the formation of a double base pattern at the $94,700 liquidity zone. This pattern usually indicates market accumulation before a potential further surge. If BTC can maintain momentum above this zone after breaking through $100,000, the chances of reaching between $105,000 and $110,000 will increase.
Additionally, another significant pattern has emerged on the chart, indicating strong buying pressure after BTC broke through the resistance level.
“On the chart, there is an ascending triangle formation, which suggests buyer interest in breaking resistance. Bulls continue to push the market. The trigger zone is at $99,000. If this zone is broken, Bitcoin could move toward $105,000,” RLinda noted.
Titan of Crypto also shared an intriguing view on the technical patterns that could propel BTC to new heights before the end of 2024. He highlighted the potential for a strong bullish formation, often a signal of a reversal.
“A Bull Pennant pattern has formed on the daily chart, ready for a breakout. If this pattern plays out, BTC could soar past $120,000,” he explained.
Given the current market momentum, the outlook supports further BTC price increases, especially with rising adoption and global economic policies favoring digital assets.
Bearish Shadows Still Loom
However, the growing activity in the altcoin market could affect BTC’s dominance. The Altcoin Season Index, which once reached level 90, indicates that investor attention is starting to shift to other digital assets, although it has returned to level 70.
While the current trend appears optimistic, bearish threats remain. Beyond altcoin dominance, one factor that raises concern is the movement of large wallets.
According to Lookonchain findings, the wallet associated with Mt. Gox has become active again, and such activity is often followed by selling pressure that could impact Bitcoin prices significantly.
Overall, Bitcoin is still on a strong bullish path, with the potential to reach the ambitious $120,000 target. However, investors and traders must remain vigilant about high volatility and external factors that could influence price movements.
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