Bitcoin (BTC) Price Prediction: Will BTC Break Above $100,000?

Bitcoin (BTC) price hovered around $97K on August 24 as traders assessed whether new all-time highs were in sight this week.

BTC/USD 1-hour candle chart (Bitstamp). Structure favors bulls, but volume poses questions

The largest cryptocurrency dropped around $1,000 from session highs of $97,911 to trade at $97,030 at press time. It had risen steadily overnight, meeting resistance at the apex of a Fibonacci structure on the daily chart.

Nonetheless, the overall structure remained bullish, with support now gathering around $95,500, having acted as resistance previously. A break above $97,938 would also open up the way to new highs and the psychological $100,000 price point.

"On lower timeframes, we can see that bitcoin is currently engaged in a micro-consolidation phase immediately below a crucial resistance level, rendering it a preferred zone for setting up buy trades on minor dips," stated cryptocurrency analysis platform Tipranks in its latest note on Friday.

"The candle patterns are displaying small bodies with large lower wicks, indicating that buyers are actively stepping in whenever the price experiences a decline. However, the volume is gradually decreasing, hinting at either short-term indecision or momentum exhaustion."

Bitcoin price action in a snapshot:

The threat of a double top also appeared on the four-hour chart, where a decisive move lower would be needed to confirm a bearish shift.

"On the 4H chart, we can observe a V-shaped recovery by price following a pullback to the 61.8% Fibonacci retracement level at roughly $93,376, showcasing a strong rebound," Tipranks continued.

"This recovery has been accompanied by a surge in bullish candles and increasing volume, signaling renewed interest from buyers. As a result, price is currently testing the prior highs.

"A breakout above this zone would confirm bullish continuation, while failure to breach it could lead to the formation of a potential double top, especially if accompanied by a spike in sell-side volume.

"Support has firmed around the 50% Fibonacci retracement level at roughly $95,500, aligning with previous resistance levels that are now acting as a launchpad for higher price action."

Relative Strength Index (RSI) on Bitstamp BTC/USD chart by Trading ViewOptimism despite lukewarm technical picture

Oscillators were largely displaying neutrality, with the relative strength index (RSI), Stochastic, commodity channel index (CCI), average directional index (ADX) and Awesome oscillator all indicating balanced momentum conditions.

The momentum indicator (10) and moving average convergence divergence (MACD) level (12, 26), meanwhile, both signaled buys, highlighting the underlying bullish sentiment. This convergence of neutral and positive signals often precedes breakout scenarios, lending further credence to a potential upside resolution.

The moving average suite remained uniformly bullish throughout. All key exponential moving averages (EMAs) and simple moving averages (SMAs) across the 10, 20, 30, 50, 100 and 200-period windows signaled positive signals, with current price levels well above their respective trend baselines. This broad alignment suggests robust market strength and a supportive structure for continued upward movement, especially in the absence of a breakdown below short-term moving averages.

Fibonacci retracement levels on the daily chart, meanwhile, showed key retracement zones between $92,391 and $89,595 offering potential healthy pullback structures. On the four-hour timeframe, the recent bounce from the 61.8% retracement level ($95,118) supported a continuation toward $98,000. Finally, on the one-hour chart, consolidation occurred between the 23.6% and 38.2% retracement levels, offering a foundation for bullish setups on minor dips. Collectively, these levels defined clear zones for entries, stop-losses and profit-taking strategies.