Bitcoin (BTC) is on a record-breaking run, fueled by a series of bullish catalysts that have reignited investor optimism.
Currently trading above $79,000, after briefly touching $80,000, Bitcoin’s bullish momentum is capturing the attention of traders and analysts alike.
This surge is fueling speculation that the once-distant target of $100,000 may be within reach, supported by strong technical and fundamental drivers
Technical indicators signal Bitcoin’s next move up
In a TradingView post on November 10, analyst RLinda evaluated various factors that could influence Bitcoin’s next major move.
According to the analyst, the recent breakout above the $76,900 resistance has given the cryptocurrency a powerful boost, lifting it to $79,000.
Now, with the new breakout, Bitcoin’s next major resistance stands at $80,000, a critical level that analysts believe could open the doors to even higher targets, including the much-anticipated $100,000 mark.
Support zones at $75,650, $74,560, and $73,550 remain robust, providing a safety net against potential pullbacks from profit-taking or short-term liquidity dips.
Weekend trading dynamics may lead to minor pullbacks, however, any dips to these support levels could present attractive buying opportunities for bullish investors.
More bullish projections
Adding to the positive outlook, former Glassnode lead analyst James Check noted that, despite Bitcoin reaching new all-time highs, it hasn’t moved significantly above its 200-day moving average (DMA).
Bitcoin’s path to $100,000 is supported by strong fundamental and technical factors, with growing discussions on its potential as a strategic reserve asset and favorable macroeconomic conditions.
Institutional interest remains high, with BlackRock’s iShares Bitcoin ETF (IBIT) registering significant trading volume this week. As retail demand also rises, the $100,000 target is shifting from speculation to a realistic goal.
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