Bitcoin to Hit New $100,000 ATH?! Experts Reveal SHOCKING Price Target

 

Bitcoin, the pioneering force and dominant player in the realm of cryptocurrencies, is once again grabbing headlines as it surges past the $64,000 milestone. Within the last 24 hours, it has recorded a robust increase of 4.3%, marking a solid 3% rise over the preceding week. This notable upswing hints at a potential conclusion to Bitcoin’s recent corrective phase, sparking optimism among investors.

In parallel, Ethereum is maintaining its position amidst the market’s fluctuations. Despite witnessing a modest 2% uptick in the past day, it endured a slight 2.36% decline over the last seven days. Nonetheless, Ethereum’s resilience, hovering around $2,950, presents promising signs. Additionally, contributing to the positive momentum are Binance and Solana, boasting gains of 5% and $151, respectively.

The rally extends beyond Bitcoin and Ethereum, with altcoins also joining the upward trajectory with favorable movements. TON Coin, Cardano, Dogecoin, and Shiba Inu are all exhibiting varying degrees of upward momentum, indicative of a prevailing bullish sentiment across the market.

Crypto analyst Crypto Jebb has been closely monitoring a significant pattern—an inverse head-and-shoulder formation. Traditionally signaling a bullish breakout, this pattern establishes a target price of approximately $70,000. Characterized by a left shoulder, a more pronounced head, and a right shoulder forming a neckline, this pattern implies a reversal of the previous downtrend.

While aiming above the current all-time high fosters hopes of surpassing prior records, caution is warranted. Resistance levels may pose challenges in reaching the full price target. Nonetheless, the completion of the inverse Head and Shoulders pattern suggests potential upward movement in the near term.

In terms of potential post-breakout scenarios, there are several trajectories to consider, ranging from a retest of the previous all-time high at $69,000 to a rally towards the current peak of $73,800. Alternatively, a complete realization of the pattern could propel Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally towards $100,000.

Further reinforcing the optimistic outlook is the MACD on the daily chart, which is exhibiting a bullish turn. This indicator indicates a resurgence of bullish sentiment, further bolstering anticipation for potential upward movement in the market.

Source: coinpedia.org

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