Bitcoin Price Targets $110,000 All-Time High After Consolidation Trend Ends

Over the previous three days, Bitcoin has hovered between $103,000 and $104,500, making a slim channel after a notable rally that noticed it break above $100,000 final week. Technical evaluation of the day by day candlestick chart reveals the formation of a minor impulsive wave from $103,000, which can mark the ultimate finish of the latest consolidation and the start of a contemporary rally in direction of new highs.  

Notably, latest worth motion previously 12 hours or so has seen the gradual finish of the consolidation, and a spotlight is now turning to the subsequent psychological stage at $110,000. 

Analyst Sees Breakout As Sign For Upside Continuation

In a publish shared on the social media platform X, crypto analyst CrediBULL defined the logic behind his present lengthy commerce setup, mentioning that Bitcoin has damaged away from its three-day consolidation zone with an early impulse that began on the $103,000 stage. His evaluation predicted that this motion may very well be the beginning of a a lot bigger leg upward, particularly if the present worth construction holds with out falling again into a neighborhood demand zone between $101,000 and $102,000.

Associated Studying

In keeping with CrediBULL, the present commerce has a clear invalidation stage slightly below the impulse origin, permitting for a good cease loss. This setup yields a excessive reward-to-risk ratio exceeding 5:1, with an upside goal of $110,660, as illustrated within the chart. If this breakout is real, it may very well be a sign that Bitcoin is getting ready for an aggressive push towards new all-time highs.

However, CrediBULL cautioned that if the present transfer proves to be a deviation and worth falls beneath the impulse origin, focus ought to shift to the native demand zone round $101,800. The chart helps this with a clearly marked inexperienced space labeled “local demand.” That is the subsequent main help if Bitcoin bulls fail to carry the present worth ranges.

$110,000 Bitcoin Goal In Sight With Growing Market Momentum

In keeping with the crypto analyst, his prediction of the subsequent transfer to $110,000 has a minimum of a 20% probability of enjoying out. These odds are fairly good, contemplating the unpredictable nature of the crypto market. 

Associated Studying

Notably, worth motion previously 24 hours has seen the main cryptocurrency break above $105,000 once more, peaking at an intraday excessive of $105,503 earlier than easing barely. This transfer strengthens the case that the latest consolidation part might have concluded, and a profitable transfer above $110,000 earlier than the tip of the week is underway.

On the time of writing, Bitcoin is buying and selling at $104,428. A profitable rally to the $110,660 goal would signify a 6% achieve from the present worth, whereas draw back danger is capped beneath the $103,000 stage.

Featured picture from Getty Photographs, chart from Tradingview.com