Bittime - Bitcoin hits new ATH, breaking through $107,000, with overall crypto market cap soaring $3.73 trillion.
So, does Bitcoin price have the potential to break through $110,000 before the end of 2024? Read this article to find out more!
Bitcoin New ATH: Bullish Continues
Source: Coinmarketcap.com
Bitcoin price shows a bullish breakout from the rising channel pattern. This breakout reflects solid buyer strength, which pushed Bitcoin to a new ATH of $107,821. The breakout target of the inverted head-and-shoulders pattern was achieved.
However, Bitcoin seems to be struggling to close above the 50% Fibonacci retracement level at $106,912.
This level acts as a critical resistance that needs to be broken for the uptrend to continue. If successful, the chances of BTC heading to $110,730 will be even more open.
The MACD indicator shows a positive signal with the MACD and signal lines remaining parallel in the positive area. This indicates increasing buying interest, which gives a bullish signal to continue.
Also Read: Mentioned by Vladimir Putin and Jerome Powell, Bitcoin Price Immediately Increases!
Bitcoin New ATH: Institutional Buying Action
Source: Bittime.com
The momentum of the price increase to the new Bitcoin ATH is inseparable from the massive buying action by institutions. The latest data shows that the US spot Bitcoin ETF recorded a daily net inflow of $ 636.85 million.
Among these institutions, BlackRock led with a contribution of $418.16 million, followed by Fidelity with an inflow of $116.06 million.
This institutional buying action reflects long-term confidence in Bitcoin's potential as an investment asset. To date, total institutional ownership of Bitcoin has reached $120.71 billion, or about 5.76% of Bitcoin's total market capitalization.
One of them is MicroStrategy's move to buy Bitcoin again with a value of $ 1.5 billion. This purchase became a strong catalyst that pushed the price of Bitcoin to a new ATH at the level of $ 107K.
Bitcoin New ATH: Next Price Target
Source: Coinmarketcap.com
With Bitcoin's new ATH, Bitcoin is currently showing a post-retest reversal pattern, with momentum gained from the previous uptrend.
If Bitcoin manages to close above the 50% Fibonacci retracement, the next target is at $110,730. This level coincides with the 67.80% Fibonacci retracement, which is a key resistance point for further rallies.
Conversely, if a bearish reversal occurs , Bitcoin is expected to test the support level at the 38.20% Fibonacci retracement at $103,093. This level is a critical area that bulls must hold to keep the uptrend going.
Bitcoin New ATH: The Start of a Rally?
Bitcoin's new ATH at $107,000 not only reflects positive sentiment from retail investors, but also from large institutions that continue to increase their Bitcoin holdings.
With the presence of a spot Bitcoin ETF and growing buying interest, many analysts predict that Bitcoin has the potential to break through the $110,000 level before the end of the year.
With this positive trend, the new Bitcoin ATH may be the beginning of a bigger bullish rally in late 2024 to early 2025.
Also Read: Bitcoin Price Chances of Returning to $60,000 According to Robert Kiyosaki
Bitcoin FAQs
What is Bitcoin?
Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity is still unknown.
1 BTC How Much Rupiah?
Currently, 1 BTC is worth Rp1,719,563,042 according to the Bittime market.
1 BTC How Much USD?
Currently, 1 BTC is worth $106,557.81 according to Coinmarketcap.
How to Buy Crypto on Bittime
Want to trade and buy Bitcoin and invest in crypto easily? Bittime is ready to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures that every transaction is safe and fast.
Start by registering and verifying your identity, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check BTC to IDR , ETH to IDR , SOL to IDR and other crypto assets rates to find out today's crypto market trends in real-time on Bittime.
Also, visit Bittime Blog for interesting updates and educational information about the crypto world. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the crypto world.
Reference
Jacob Lazurek, Bitcoin hits record high: $107,699 – $110k next?, accessed December 17, 2024.
Albert Brown, All Eyes on $110,730 After Bitcoin Sets New ATH of $107K, accessed December 17, 2024.
Coinmarketcap, Coinmarketcap Currency Bitcoin, accessed December 17, 2024.
Author: IPR
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