Bitcoin’s price outlook looks promising after recent notable upside momentum above the Major milestone of $100,000. This leads to a broader bullish outlook for the cryptocurrency assets to rise significantly to unprecedented levels in the coming weeks as the market gradually regains its uptrend.
Next big step for Bitcoin in the making
Given Bitcoin’s newfound strength, analysts at Rose Premium Signals have developed a technical analysis platform predicted that BTC could experience a major collection in the coming days, possibly reaching a new record high.
This platform forecast highlights BTC’s resilience during declining market performance, cementing its status as the industry’s leading digital asset. Amid growing bullish momentum in the market, Rose Premium Signals points to key indicators and chart pattern as the main drivers of the expected rise to unprecedented levels.
After delving into the current price action of Bitcoin on the daily time frame, Rose Premium Signals noted that the crypto asset is on a consistent uptrend as it trades within a well-defined Ascending Channel formation.
It is worth noting that an Ascending Channel formation, also known as a Rising Channel, is formed from two upward lines above and below a price to indicate resistance and support levels. In other words, it is a bullish chart pattern characterized by higher highs and higher lows, providing a clear visual signal of upside for traders.
As Bitcoin continues to move within the critical chart pattern, the platform has underlined several robust supports at the $92,500 and $94,000 price levels, which have remained consistently strong over the recent period. retracements.
Considering a breakout from the rising channel formation, Rose Premium Signals is confident that the next big target for BTC could reach as high as $121,290 in the near term. Specifically, this expected rebound keeps the bullish momentum in line with the upper limit of the ascending channel.
So far there have been several positive developments, such as: increasing institutional interestrobust activity in the chain, and declining supply on crypto exchangesBitcoin’s upward growth seems likely, paving the way for another historic milestone.
BTC on the verge of a new all-time high?
Currently, BTC shows healthy price performance, once again surpassing several key resistance areas such as the $100,000 threshold. Given renewed momentum and a recent breakout on the charts, Titan of Crypto, a market analyst and trader, believes the digital asset could reach a new peak in the near term.
Titan of Crypto’s fat prediction is reinforced by Bitcoin’s successful breakout of the Descending Wedge pattern and reaching the $95,000 intermediate target that he had highlighted a few weeks ago. As a result, the market expert expects the crypto asset to rise to the 200% Fibonacci extension level set at the price of $111,000.
Featured image from Unsplash, chart from Tradingview.com