History is made at $100,000, here’s the next goal

Bitcoin makes history as a six-figure BTC price has finally arrived. However, investors might wonder how far the king of cryptocurrencies can really go.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows that Bitcoin has finally broken the 100 billion milestone today and is moving towards the $105,000 level. With the market structure so bullish, even a run to the $120,000 area is possible in the short term.

Meanwhile, the RSI has once again entered overbought territory, and the 200-day moving average is also well behind price, currently trending near $70,000. Therefore, there is also a logical likelihood of a correction soon, which could present a buying opportunity.

Source: TradingView The 4-hour chart

The 4-hour chart clearly shows BTC’s price action over the past month. The market slowed after breaking above the $90,000 resistance level, gradually rising through higher highs and lows.

However, today’s break above $100,000 could trigger an aggressive continuation higher.

Meanwhile, with the RSI also entering the overbought zone in this time frame, there is further evidence that a pullback could soon occur, which could see the price drop towards the uptrend line and the 96,000 level dollars before taking off again.

Source: TradingView Sentiment Analysis

By Edris Derakhshi (TradingRage)

Financing rates

Since the futures market is arguably the biggest determinant of Bitcoin’s short-term price movements, analyzing its overall sentiment could help investors make more accurate predictions.

This chart presents funding rates, which measure whether buyers or sellers are executing their leveraged positions more aggressively.

While the metric is currently positive, indicating bullish momentum, this can also lead to a potential reversal. High funding rates are often followed by a sudden drop as a result of long liquidation cascades.

With Bitcoin’s aggregate funding rates showing the highest level in the past year, a correction seems likely soon. This could also lead to a period of consolidation as the futures market cools.

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TradingView Cryptocurrency Charts.