Bitcoin ($BTC) breaking out again – $100,000 this time?

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As a seasoned researcher with extensive experience in the crypto market, I find myself constantly amazed by the volatile and intriguing world of Bitcoin (BTC). After witnessing yet another bullish surge, it seems that BTC is once again poised to challenge the $100,000 psychological barrier. The latest reversal has formed a textbook bull flag on the short-term time frame, indicating a potential breakout and further upward momentum.

Initially, Bitcoin got so close to reaching the $100,000 mark on Friday but fell short by a few hundred dollars, dropping down to $95,750. However, it has since managed to surge past its previous descending trendline and is now aiming for another try at hitting that elusive $100,000 mark. Will it successfully breach this significant psychological barrier this time around?

Bitcoin is once more moving towards higher prices, following its typical pattern of reversal, providing bulls with an opportunity to regroup before another potential rise. Having briefly reached $99,000 early on Monday, it’s not a large increase needed to return to the significant $100,000 level again.

Will the U.S. Spot Bitcoin ETFs continue their huge buying spree?

On the purchaser’s perspective, it would be intriguing to observe if U.S. Spot Bitcoin ETFs will persist with their streak of five consecutive trading days showing net inflows. Last Thursday, a single-day investment of $1 billion was made. This is now the fourth occasion in the history of Spot Bitcoin ETFs that such a large purchase occurred on a single day.

Tether prints another $3 billion USDT

In my role as a researcher, I’ve noticed that institutions have been consistently purchasing Tether (USDT). According to a report from CoinTelegraph on Sunday, an additional $3 billion USDT was recently printed by Tether. Specifically, $2 billion was minted on the Ethereum blockchain, and another $1 billion was created on Tron. This recent print now brings the total USDT printed by Tether to approximately $13 billion since November 11th.

Pro-crypto Trump picks 

In the United States, a government supportive of cryptocurrency, led by President Trump, is gradually forming. Notable crypto advocates such as Howard Lutnick (for Commerce) and Scott Bessent (for Treasury) have been selected for prominent roles in the administration. Meanwhile, Janet Yellen, current Treasury Secretary who has expressed skepticism towards cryptocurrencies, is set to depart, having submitted her resignation last week, following in the footsteps of Gary Gensler, SEC Chair, who has also stepped down.

$BTC breaks out of yet another bull flag

It seems like the recent minor reversal in Bitcoin ($BTC) might have shaped a bullish flag pattern. This observation is valid on a short-term chart, as the price movement appears to be textbook for a flag formation, with a breakout and subsequent retest of the top. If this pattern holds true, we could expect Bitcoin’s price to increase towards the high of $99,800, potentially even surpassing it to reach the $100,000 mark.

As we analyze the Fibonacci sequence for the Bitcoin price movement starting from November 17th, it’s noticeable that the price has dropped to the 0.382 Fibonacci level and then rebounded. This dip is considered a bullish correction because the price did not first fall to lower levels before bouncing back.

Bullish $BTC picture on the 2-week time frame

As a crypto investor, I’m quite optimistic about the next two weeks for Bitcoin. The price has surged past the rising trendline that connects the peaks of the 2021 bull market, suggesting a strong upward momentum. If we manage to close above this trendline and also above the $100,000 level before the end of the next two weeks, it could be a sign of even higher prices on the horizon.

At the base of the graph, the Stochastic RSI indicators are yet to reach their maximum level, suggesting they may continue climbing. If they do, it could imply that the bullish market trend will persist.

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2024-11-25 14:00