Bitcoin price rebounded to the $99,000 level, sparking renewed optimism about its ability to revisit higher resistance levels soon. Given the recent upward momentum and growing sentiment in the market, BTC may be headed for the current longer and longer.
Bitcoin’s Upside Breakout to New Highs Incoming
Crypto expert and investor Javon Marks has predicted the possible increase of Bitcoin in the short term. Looking at the current price action of BTC, Javon Marks foresees an upcoming increase of 14% as bullish momentum builds in the market.
Since BTC is performing similarly to previous trends that triggered significant spikes, the analyst believes that this asset is in its bull phase. The forecast reflects growing optimism, with Javon Marks citing a new high following the move.
Based on BitcoinPrevious performance, the analyst says that prices seem to be in a situation where a significant increase is still possible. This means that there could be a big upside to come in this ongoing bull run, suggesting that the phase is far from over.
Considering the price action, Marks believes Bitcoin could be poised to rise more than 14% to above the $113,386 level, which marks the current “Target 2”. After that, he expects an expansion phase that could lead to a major move to an unspecified location.
As BTC continues to maintain a bullish trend, the asset’s path to the $113,386 mark seems to be unfolding almost rightly. Supported by historical price trends, BTC may be on the edge of its prime the next big rally as the new year progresses.
With Bitcoin trading within a key support zone, market enthusiasts are predicting that BTC may quickly surpass its current levels, targeting the next level of resistance $100,000 limit.
Technologist and founder of MN Consultancy Micheal Van De Poppe predicted a move for Bitcoin above its current high of $108,000. Van De Poppe made a prediction, to identify a good price setup on its chart.
Although BTC looks promising to return to its top, the expert emphasized that the rise above $100,000 will be critical. Given the past holding of liquidity and clear resistance regions, this indicates that BTC is moving higher in the event of a breakout.
BTC’s Upward Strength Building Slowly
After a short time, BTC saw an upward move as the index approached the $100,000 mark. This renewed strength has been seen across crypto markets since the start of the new year, pushing several assets to key resistance levels.
As long as the market continues to trend higher, the price of Bitcoin may be strengthened by the momentum, allowing a return to its all-time high. Other factors such as rising investor sentiment and strong participation may exacerbate it The highest amount of BTC. CoinMarketCap shows that the trading volume of BTC has increased significantly around its price, rising more than 43% in the previous day.
Featured image from Unsplash, chart from Tradingview.com