Bitcoin Price Aims for $110,000 All-Time High Following End of Consolidation Phase

In recent days, Bitcoin has been trading within a tight range of $103,000 to $104,500, following a significant surge that broke past the $100,000 mark last week. Analyzing the daily candlestick chart reveals the emergence of a small impulsive wave starting from $103,000, potentially signaling the conclusion of the recent stabilization period and the onset of a new upward trend. 

In particular, the recent price developments over the last 12 hours or so indicate a gradual conclusion to this stabilization, with focus now shifting to the next psychological benchmark at $110,000. 

Analyst Views Breakout as Signal for Continued Upsurge

In a post on the social platform X, crypto analyst CrediBULL shared insights on his existing long trade strategy, noting that Bitcoin has moved away from its three-day consolidation zone with an initial impulse that started at $103,000. His analysis suggests that this upward movement could mark the beginning of a much larger rally, particularly if the current price structure remains intact without retreating to the local demand zone between $101,000 and $102,000.

Related Analysis

CrediBULL further mentioned that the current trade setup has a clear invalidation point just below the beginning of the impulsive movement, which allows for a tighter stop loss. This positioning offers a favorable reward-to-risk ratio exceeding 5:1, aiming for a target of $110,660, as depicted in the accompanying chart. If this breakout is authentic, it may indicate that Bitcoin is gearing up for a substantial advance towards new record highs.

Conversely, CrediBULL warned that if this latest movement turns out to be a false signal and the price drops below the origin of the impulse, attention should redirect to the local demand zone around $101,800. The chart clearly highlights this area as “local demand.” This will serve as the next key support level if the bulls fail to maintain current price points.

Targeting $110,000 with Rising Market Momentum

The analyst assesses that the likelihood of reaching $110,000 in the next move stands at a minimum of 20%. Such odds are encouraging, given the volatile nature of the cryptocurrency market. 

Related Analysis

Noteworthy is the recent price action, which has seen Bitcoin rise above $105,000 once again, hitting an intraday top of $105,503 before a slight pullback. This movement reinforces the belief that the recent stabilization phase may have concluded, paving the way for a successful move above $110,000 before the week wraps up.

As of now, Bitcoin is trading at $104,428. A rally reaching the target of $110,660 would signify a 6% increase from current prices, while the risk of decline is contained below the $103,000 mark.