Bitcoin Sets Its Sights On $100,000 As Next Price Target

Bitcoin has surged past the $90,000 threshold once more after briefly dipping below it during a correction earlier this week.

Bitcoin price has surged past the $90,000 threshold again after dipping below it briefly during a correction earlier this week.

On November 14, the world’s largest cryptocurrency hit a new all-time high of $93,477, marking another major milestone in its rally.

However, a subsequent correction, which lasted about two days, brought the Bitcoin price down to as low as $87,100.

Now, Bitcoin has recovered and climbed back above the $90,000 level.

This back-and-forth movement suggests that Bitcoin may be establishing a strong price floor around the $90,000 level, which could serve as a foundation for its next rally. Notably, the TD Sequential indicator, which recently signaled a sell-off, is now close to being invalidated, with a profit target of $100,000.

Bitcoin Sets Sights On $100,000 As Next Price Target

The prospect of a six-figure Bitcoin price at $100,000 is now closer to materializing.

According to prominent crypto analyst Ali Martinez, who shared his analysis on the social media platform X, Bitcoin is positioned to reach $100,680 in the next few days.

This optimistic projection is based on the TD Sequential indicator, which has been effective in identifying bullish and bearish signals throughout this cycle.

However, the TD Sequential signal is about to become invalid in this case. The daily candlestick chart he shared on social media shows that the TD Sequential presented a sell signal on November 14.

While the Bitcoin price did retrace a bit after that, it has since resumed an upward move, breaking above the $90,000 level once again.

In light of this, Ali Martinez noted that the sell signal is at risk of being invalidated.

All the bulls need to do now is ensure a daily close above $91,900, and the sell signal will be invalidated.

The TD Sequential recently presented a sell signal on the #Bitcoin daily chart.

But now it is at risk of invalidation.

If $BTC can print a daily close above $91,900, it could rise toward $100,680!

Interestingly, buying patterns indicate the possibility of the Bitcoin price closing above $91,900 either today or tomorrow.

For example, a significant spike in Bitcoin buy pressure has been observed at the crypto exchange Binance in the last few hours, suggesting an upward price movement ahead.

Image From X: Ali Martinez

Key Bitcoin Price Level To Watch

At the moment, Bitcoin is trading at $91,110, just an 11% gain away from reaching the much-anticipated $100,000 milestone.

The market sentiment remains overwhelmingly positive, with the Crypto Fear and Greed Index currently showing an “extreme greed” reading of 84.

Neither technical nor fundamental indicators point to a major correction imminently, which means that the recent 7% drop from Bitcoin’s all-time high of $93,477 was likely just people taking profits and not a major reversal in the bullish trend.

According to crypto analyst RLinda on the TradingView platform, the critical resistance levels for the Bitcoin price are $91,650 and $93,250.

On the downside, RLinda notes that the essential support levels are at $90,300, $89,200, and $87,500.