Bitcoin Price Targets $110,000 After Breaking Consolidation Phase

Bitcoin's price has stabilized between $103,000 and $104,500 after recently breaking above $100,000. Technical analysis indicates a potential end to consolidation and the start of a rally towards new highs.

Recent price movements suggest an end to consolidation, with focus shifting to the psychological level of $110,000.
Analyst CrediBULL noted that Bitcoin's breakout from consolidation could signal a significant upward trend, particularly if it maintains above $101,000-$102,000.
The proposed trade setup features a high reward-to-risk ratio exceeding 5:1, targeting $110,660.
If the price falls below the impulse origin, attention will shift to support around $101,800.
The chance of reaching $110,000 is estimated at 20%, amidst recent volatility.
Bitcoin reached an intraday high of $105,503, reinforcing bullish momentum.
Current trading price is $104,428, with a potential 6% gain to the target of $110,660.

Bitcoin Chart