Bitcoin Just Flashed a Trifecta of Bullish Signals as It Decisively Jumped Back Above the $100,000 Level

According to Fairlead Strategies, the firm's technical short-term signal for bitcoin flashed "Bullish" over the past week

Bitcoin price hit a record high of $108,369 on Tuesday, technical indicators flashed a “buy” signal and signaled further upside potential for the token.

Bitcoin price action signaled bullish short-term momentum, according to Fairlead Strategies.

Technical indicators flashed a “buy” signal on Tuesday as bitcoin hit a record high of $108,369.

Stockton sees a potential upside of 17% for the token.

Bitcoin price just flashed a trifecta of bullish signals after it decisively jumped back above the $100,000 level late last week.

According to Fairlead Strategies, the firm's technical short-term signal for bitcoin flashed “Bullish” over the past week, flipping from “Neutral” and joining intermediate- and long-term momentum signals that were already in bullish territory.

Stockton said she sees the potential for bitcoin to gravitate toward the $124,000 price level in the coming months.

“Bitcoin exhibits renewed short-term momentum after pushing out of its consolidation phase, warranting a bullish bias through year-end,” Fairlead Strategies founder Katie Stockton said in a Monday note.

On top of that, bitcoin's daily moving aveage indicator inched toward a “buy” signal, according to the note.

The moving-average-convergence-divergence indicator, or MACD, is a trend-following momentum indicator that technical analysts use to show the relationship between two moving averages of a security's price.

Stockton uses the MACD indicator to capture momentum and trends across multiple timeframes. The indicator appeals because it's very black and white, generating either a buy or a sell signal.

Bitcoin's MACD indicator flashed a “buy” signal Tuesday morning when the coin hit a record high of $108,369.

Finally, while Stockton admitted that a separate weekly indicator was in overbought territory, it “can stay that way for several weeks amidst strong momentum,” she said.

She highlighted an initial support level for bitcoin at its rising 50-day moving average of $90,261, representing potential downside of about 15% from current levels.

On the flipside, Stockton gave an upside target of $124,000 to be reached within the next few months, a gain of about 17%.