Bitcoin’s price has recently bounced back from the $60K level, marking the third bullish reversal this year. This upward trend, supported by positive indicators and technical data, hints at a possible trend reversal, fueling speculations that Bitcoin might hit $100,000.
While the second quarter ended on a subdued note, the start of Q3 has seen a breakout rally with aspirations to surpass $70K swiftly. Rising from the crucial $60K support level, optimism in the market is growing regarding the beginning of a sustained bull market.
CryptoQuant’s CEO, Ki Young Ju, pointed out in a recent post that in 2020, Bitcoin stayed around $10,000 for six months amidst high on-chain activity, before surging to $64,000 in 2021. A similar pattern seems to be emerging for 2024, with daily additions of $1 billion to new whale wallets.
Despite mixed spot Bitcoin ETF flows, the US Bitcoin sentiment is turning bullish as BTC HODLers anticipate a continued uptrend beyond $75,000. Analysts are now pondering whether this could propel Bitcoin’s price past the $100,000 milestone.
The current trading sentiment for BTC is bullish, with Bitcoin reaching its peak in the pre-halving rally. Given the bullish outlook for the crypto market in 2024, there are expectations that BTC’s price could hit $100K during this period.
With the surge in Bitcoin on-chain activities, questions arise such as “Can Bitcoin reach $100K?” or “Will Bitcoin rise further?” or “Where will Bitcoin stand in 5 years?” Let’s address these inquiries through our Bitcoin price forecast.
The BTC price analysis on July 1 confirms that bears triggered significant selling pressure as BTC’s price dropped below the $64K resistance, dampening buying confidence. Nonetheless, the price is now targeting a retest of the resistance line.
Analyzing the daily price chart of Bitcoin, the price faced minor selling pressure as it failed to break above $64K. However, buying demand is increasing as bears struggle to push for further corrections. The 24-hour volume has surged to $8.8 million, indicating growing interest in trading activity. BTC is currently trading at $62,882, up by over 0.4% in the last 24 hours.
The RSI-14 trend line has risen from its previous level and currently trades below the midline at 44, suggesting lingering bearish pressure. The SMA-14 level indicates volatility in the coming hours.
The 4-hour Bitcoin price chart suggests that bears are consolidating their position to keep the price below the EMA trend lines. Nonetheless, bulls are maintaining buying confidence as the price consolidates above the EMA20 trend line.
The BoP indicator is in a negative region at 0.94, indicating that short-term sellers are trying to accelerate a downward trend. However, the MACD trend line has formed bullish candles above the signal line, aiming for positive momentum and boosting confidence among long-position holders.
The hourly price chart indicates that Bitcoin may attempt to drop below the immediate support line, but bulls are eyeing a recovery rally in the coming hours. If BTC’s price maintains momentum above $64,547, it could trigger a bullish rally towards $67,372.On TradingView
If bulls fail to start a rally, BTC price could fall below the immediate support at $62,075, possibly triggering a bearish trend towards $58,562.
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