Bitcoin has finally reclaimed the much-anticipated $100K mark after consolidating and long-term negative sentiment. The psychological milestone had been a key resistance level, with many investors and analysts closely monitoring BTC’s price action for clues about its next big move. The recent breakout above $100K signals renewed market optimism, yet the question remains: Can Bitcoin maintain its momentum?
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Top analyst Carl Runfelt shared a detailed technical analysis on X, highlighting a critical pattern forming in Bitcoin’s 1-hour time frame. According to Runfelt, Bitcoin is currently shaping a symmetrical triangle, a classic chart pattern that usually precedes a significant price movement. The pattern suggests that Bitcoin is coiling for a decisive breakout or breakdown, potentially shaping its short-term trajectory over the next few days—or even hours.
This comes as a pivotal moment for Bitcoin The broader crypto market experiences renewed energy After a sluggish end to last year. Investors are optimistic but cautious, as the technical setup could indicate either a continued rally or a temporary setback. With BTC back in six-figure territory, the stage is set for a critical period that could define the first quarter of 2025.
Bitcoin breaks above $100K but faces risks
Bitcoin has reached $102,700 with impressive strength, fueling optimism for a very bullish year ahead. Investors are closely watching the market leader, which continues to show resilience after reclaiming the $100K mark. However, BTC is not without risks; Any loss from current levels could result in a significant pullback, potentially shaking confidence in the ongoing rally.
Top analyst Carl Runfelt recently Shared detailed technical analysis on XHighlighting Bitcoin’s symmetrical triangle formation on the hourly time frame. This classic chart pattern is often preceded by a sharp breakout or breakdown, indicating high market activity. Runfelt emphasized that the next move could occur as price consolidates strongly within the triangle.
Runefelt outlines key price targets for traders to watch. A close below the $100K mark would act as a bearish signal, potentially invalidating the bullish structure formed in recent weeks. Conversely, a breakout above $103K would confirm bullish momentum and set the stage for the rally to continue.
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The next few days will be critical for Bitcoin as the market remains in a state of uncertainty. While optimism surrounds the prospect of a sustained bull cycle, the potential for increased volatility underscores the need for caution at this crucial time.
Check the latest liquidity
Bitcoin is trading at $101,400 after a decisive 4-hour breakout above the critical $100K mark, sparking renewed optimism among investors. This clean breakout has pushed BTC above the $100K psychological level in fresh liquidity, a sign of strength as the market leader looks to maintain bullish momentum.
However, the battle is far from over. While Bitcoin’s price action is promising, the bulls need to push the price higher to claim full control. The next major hurdle is at $103,600, a key resistance level that, if broken, could pave the way for a massive rally. A strong move above this mark would confirm Bitcoin’s bullish structure and likely attract more buyers, driving the price to new all-time highs.
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On the flip side, failure to keep above $100K could result in a consolidation phase. This scenario could keep BTC range-bound, pessimistic traders and bullish breakout investors eagerly awaiting.
Featured images from Dall-E, charts from TradingView
