Bitcoin‘s potential for a significant upside move in the short term continues to gain traction as a positive price trend emerges on its daily chart. With upward momentum currently building, the much-anticipated next move will put the digital asset back above the pivotal $100,000 mark.
A Bullish Price Breakout For Bitcoin On The Horizon?
In a recent analysis, Trader Tardigrade, a technical expert and trader, cited a price trend that suggests Bitcoin could be poised for a notable spike in the upcoming days. Bullish predictions like this are rising within the community again following BTC’s recent rally that brought its price close to the $100,000 point on Christmas.
Trader Tardigrade, navigating BTC’s price action, highlighted that the asset continues to maintain Ascending Channel formation despite recent waning price performances. With the potential of a breakout on the upside, this development signals robust market confidence and resilience.
According to the expert, the Bitcoin Ascending Channel has held steady after making a false break from the pattern’s lower support line. Since the recovery of the channel, BTC has retested the support line just below $98,000 once again which is crucial for its next trajectory.
In the event that Bitcoin sustains this level, Trader Tardigrade expects a move to the channel’s upper resistance line located at the $110,000 level. As institutional interest and retail investor sentiment grow, BTC’s breakout from this bullish pattern may fuel a much larger rally to uncharted territory. Thus far, the market is closely monitoring for catalysts that may trigger the much-expected surge to this cycle’s peak as confidence in BTC’s prospects grows.
Bitcoin has demonstrated positive price moves over the last few days, indicating renewed strength. On Wednesday, Trader Tardigrade revealed that the crypto asset closed above a key resistance level, marking a breakout from a Descending Channel formation.
The descending channel pattern is characterized by two downward parallel trend lines representing lower highs and lower lows. As the cryptocurrency escapes the downside action that has defined the channel for several weeks, this breakout indicates a change in price trend. Due to this, the analyst is confident that BTC could rally to the $100,000 mark shortly and reach new all-time highs.
Daily Price Outlook Turning Positive
After starting the day on a bearish note, BTC is gradually transitioning toward a bullish outlook. Presently, the digital asset is valued at $96,510, indicating a 1% increase in the past day.
Bitcoin’s recent decline is partially attributed to a significant inflow of BTC into crypto exchanges. This development is often seen as a sign of a potential sell-off in the market, causing investors to secure gains. Following a protracted decline in exchange reserves, this shift may serve as a precursor to short-term market turbulence.
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