As Bitcoin prices return to the $45,000 level, overall market sentiment is picking up with expectations for a sharp rise “before the halving.” As the uptrend continues to gain momentum, the recovery in BTC price suggests that altcoin season is just around the corner.
Additionally, a bullish pattern on the weekly chart, a trend reversal signal on the monthly chart, and a supply outage from miners are causing prices to soar higher. With this turn of events, predictions of BTC price reaching the $100,000 level are moving closer to reality.
Bitcoin signals inverted head and shoulders breakout
This week’s bullish reversal has BTC price aiming to move above the key resistance level at the 61.80% Fibonacci level. This resistance has provided multiple reversal points for Bitcoin over the past two years.
BTC price action is forming an inverted head-and-shoulders pattern on the weekly chart as expectations for a two-year resistance breakout increase. The neckline of this bullish reversal pattern coincides with the 61.80% Fibonacci level.
Furthermore, with intraday trading volume increasing by 14% and intraday growth rate of 1.35% reaching the $45,000 level, Bitcoin is poised for a breakout. As an aside, according to The Block, “Daily sales by miners went from more than 800 Bitcoins each day in November-December 2023 to less than 300 Bitcoins each day in 2024.”
The daily chart shows a streak of bullish candlesticks reflecting the growing momentum, with an increase of 7.98% over the past four days. This increases the likelihood that the uptrend will continue.
Also read: Bitcoin (BTC) price aims for $52,000 as whale buying pressure increases
Monthly chart suggests bullish trend
Ali, a crypto analyst at Platform On the Bitcoin monthly chart, this indicator indicates that the BTC price has crossed the bearish line, indicating a trend reversal.
Since Bitcoin’s inception, the super trend has generated four buy signals, all of which were highly successful. The gains achieved from these signals are: 169,172%, 9,900%, 3,680%, and 828%.
Will BTC price reach $100,000?
A high momentum bull market rally is becoming more likely for Bitcoin as recovery momentum is poised to provide a trend reversal breakout opportunity. Additionally, apart from the aforementioned bullish catalyst, the Fibonacci levels offer the possibility of the next peak near $96,000.
Given that a reversal head-and-shoulders bullish breakout arrives this week with a bullish close, BTC price could soar to $55,000 this month. On the downside, a reversal could retest the $40,880 level.