Bitcoin is currently trading above the $97,000 levels and the price is up by more than four percent in the last 24 hours. The largest cryptocurrency has recently hit a significant bullish price target and is now breaking into new all-time highs. Bulls almost touched the $98,000 mark, before hitting a reverse after touching the $97,862 mark. Now that bullish momentum has been confirmed, the $100k price target is finally in sight.
The cryptocurrency is now finally heading towards a major price target in the short term and this price target of $100k has been keeping investors on the edge lately. According to analyst Josh of Crypto World, Bitcoin is breaking through a key resistance level and turning it into support in the short term and a new Bitcoin short squeeze has officially begun.
Bitcoin is showing strong bullish signals
On the weekly chart, the MACD indicator is showing significant bullish momentum, similar to last October, which led to a huge bull run that lasted several months. The 4-day chart also shows a larger bullish trend with the SuperTrend indicator in green. Bitcoin has recently hit a new all-time high of $94,000 to $95,000, and breaking above this range could lead to a move above $100,000 very soon.
The next price target is around $102,000, where Bitcoin could face some resistance. If Bitcoin breaks this level, it could continue to rise toward $113,000. The current breakout from a symmetrical triangle pattern on the 6-hour chart is also bullish, with resistance flipping to support.
A short squeeze is underway, especially with significant short positions near the $95,000 to $97,000 range. As these positions are liquidated, more buying pressure will push the price higher, potentially sending Bitcoin toward $100,000 and beyond.
