Bitcoin Opens its Bull Market Doors With Highest Weekly Close: Here’s When BTC Price May Hit $100K

The post Bitcoin Opens its Bull Market Doors With Highest Weekly Close: Here’s When BTC Price May Hit $100K appeared first on Coinpedia Fintech News

After becoming the best-performing asset of the decade, Bitcoin doesn’t seem to stop here, as it appears to be at the foothills of a massive explosion. With the recent move, the BTC price has unlocked the bull market doors as the token has surpassed the threshold that acted as a strong barrier earlier. Previously, when the price soared above these levels, it resulted in the beginning of a massive bull run that ended in achieving the highest level close to $69,000. 

Now that BTC’s price is just 30% away from its current ATH, when will the token surpass these levels, forming a new ATH?

The levels around the 0.618 FIB levels have been proven to be crucial levels in history. If the price surpasses these levels, it leads to the beginning of a fresh bull run with the aim of forming new highs. But if it fails to do so, then a rejection occurs, causing the price to lose more than 80% of its value, resembling the bear market. 

As seen in the above monthly, historical chart of Bitcoin, the price has surged above the mandatory levels, indicating the beginning of a fresh bullish spell. As mentioned before, the BTC price ignited a fresh bullish push soon after surpassing the 0.618 FIB levels during both 2018 and 2021 bull runs. Therefore, now that the levels have again achieved similar highs, it is anticipated that Bitcoin could have already begun with a fresh bull run. 

Besides, the RSI is also displaying a similar pattern as it heads towards overbought levels. It happened previously when the token was on its way to mark a new ATH. As long as the RSI remains within the overbought levels, Bitcoin may continue to hold the bullish trajectory high, aiming for new highs close to $100K or even higher. 

While the Bitcoin halving is fast approaching and the levels are hardly 30% below the ATH, larger possibilities of reaching $100K emerge before the end of the first half of the year.