INSUBCONTINENT EXCLUSIVE:
high.Bitcoin (BTC) rallied sharply on Wednesday and is trying to continue its uptrend on Thursday, indicating sustained demand from the
10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could surge to $116,000, supported by strong inflows into the
spot Bitcoin exchange-traded funds, US Federal Reserve uncertainty and the sharp drop in Bitcoin supply on crypto exchanges.Could Bitcoin
out.Bitcoin bounced off the $105,000 support and closed above the downtrend line on Wednesday
That invalidated the bearish descending triangle pattern, which is a positive sign.BTC/USDT daily chart
Source: Cointelegraph/TradingViewBoth moving averages are sloping up, and the relative strength index (RSI) is in the positive territory,
indicating an advantage to buyers
The BTC/USDT pair could reach the neckline of the inverse head-and-shoulders pattern, where the bears are expected to step in
If the bulls do not give up much ground from the neckline, it increases the likelihood of a break above it
The pair may then rally toward the pattern target of $150,000.Sellers will have to swiftly pull the price below the moving averages to
The pair may then slump to $105,000 and subsequently to $100,000.Related: Bitcoin price rallied 80% the last time BTC funding rates flipped
Source: Cointelegraph/TradingViewThe price broke above the downtrend line and successfully retested the breakout level, signaling that the
bulls are trying to flip the level into support
The upsloping moving averages and the RSI in the positive zone signal that bulls have the edge.However, the bears are unlikely to give up
They will try to fiercely defend the zone between $110,500 and $111,980
If the price turns down from the overhead zone but finds support at the moving averages, it signals a positive sentiment
This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
