12 hour ago
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Bitcoin May Rally to $97,000 on Breaking $90,650 Resistance
Crypto analyst PlanD highlights a key development on the Bitcoin price chart, identifying a pivotal level at $90,650. Bitcoin has struggled to surpass $90,000 since mid-December.
Potential Rally to $97,000
- An ascending triangle pattern is forming on the BTCUSD 4-hour chart, signaling potential upside.
- The $90,650 level is critical for a breakout; surpassing it could lead to a surge between $93,500 and $97,000.
- This rise may be driven by a short-squeeze as short positions close with the breakout.
- PlanD advises viewing this as a "short-term stop hunt/relief rally" rather than a trend reversal.
- Investors should reassess positions if Bitcoin reaches $97,000 without decisive movement beyond.
Bitcoin Market Overview
- Bitcoin is currently at $87,661, down 0.18% over the past day.
- Daily trading volume increased by 133.35%, indicating heightened trader activity.
- Analyst Ali Martinez suggests the bear market began after the all-time high of $126,100 in early October.
- Conversely, Ash Crypto sees an ongoing bull run, anticipating capital rotation into Bitcoin from commodities like gold and silver, with targets of $150,000 next year.
