Bitcoin Price Prediction: As BTC Sets A New ATH Above $107K, This New PEPE Derivative’s ICO Surpasses $27 Million
Release: 2024/12/17 14:04 Reading: 481
Bitcoin Price Soars to New Highs
The Bitcoin price surged 2% in the past 24 hours, reaching $106,162 as of 11:18 p.m. EST. Trading volume also surged by 14% to $97.9 billion.
This price increase pushed Bitcoin to a new all-time high (ATH) of $107,822 before experiencing a slight correction. The Energy Value of Bitcoin, a metric of the Proof-of-Work mining ecosystem, also reached $100,000 for the first time ever.
Sustained Bullish Momentum
Bitcoin has been in a strong uptrend since late October, forming a clear ascending channel pattern. The price has consistently moved between two upward-sloping trendlines, indicating a bullish structure.
The 50-day Simple Moving Average (SMA) provides dynamic support, while the 200-day SMA reinforces a longer-term bullish trend. The Relative Strength Index (RSI) is approaching the overbought territory, suggesting strong momentum.
The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, forming a bullish crossover. The MACD histogram is positive and expanding, indicating increasing bullish momentum.
Price Prediction
Based on technical indicators and the ascending channel, Bitcoin could potentially test the upper boundary of the channel ($108,000) before facing significant resistance. A breakout above the channel could push the price towards $110,000–$112,000.
On the downside, selling pressure could cause a retracement towards the lower boundary of the channel ($96,000) or the 200-day SMA ($96,483).
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