As Bitcoin (BTC) seeks to claim the $100,000 mark, the asset’s historical price movement signals a potential push toward a new all-time high.
The maiden cryptocurrency has been trading within a clear channel-up formation throughout November 2024, echoing a similar bullish pattern seen in November 2023, according to cryptocurrency trading expert TradingShot.
As per the analyst, despite resistance near the psychological $100,000 level, historical movements indicate that Bitcoin could break through soon, potentially reaching $140,000 by early 2025.
A breakdown of Bitcoin’s chart reveals striking similarities between the lows of August 2024 and August 2023, when prices briefly dipped below the 200-day moving average (MA)—a key trend indicator. Both times, Bitcoin rebounded through a cup pattern, signaling consolidation followed by an upward breakout, often marking the start of an accumulation phase.
During these periods, the one-day Relative Strength Index (RSI) showed bullish divergence, hinting at weakening downward momentum and a potential reversal.
By November 2024, the bullish golden cross emerged alongside the channel-up pattern, indicating strong upward momentum and mirroring a setup that led to Bitcoin’s March 2024 highs.
According to the expert, while a recent MACD death cross signalled short-term bearish momentum, historical patterns suggest such pullbacks often precede robust recoveries.
After testing the 2.0 Fibonacci extension from the August 2024 lows, the fractal symmetry suggests a potential move toward the 3.0 Fibonacci level. This would target a Bitcoin price of around $140,000, possibly by February 2025.
Meanwhile, an analysis shared by the charting platform TrendSpider suggests that Bitcoin’s technical setup is also building toward another record high.
In an X post on December 4, the platform noted that Bitcoin is gearing up for a major move, with its daily chart flashing promising signals.
The cryptocurrency is consolidating within a tightening wedge pattern while holding support above the eight-day and 21-day exponential moving averages (EMA). The TTM Squeeze indicator has also fired, signaling a period of low volatility that often precedes a breakout.
“BTC Bitcoin is starting to set up real nicely here<…> Looks like a ticking timebomb,” the platform noted.
Overall, the markets are eyeing a potential Bitcoin breakout toward the $100,000 resistance. After facing multiple rejections near the level, there remains hope the asset might target the new high in 2024.
In this case, as reported by Finbold, based on historical price movements, the maiden digital asset could trade between $94,782 and $101,273 by the end of 2024.
Bitcoin price analysis
Bitcoin was trading at $95,720 at press time, gaining over 1% in the last 24 hours. The asset has primarily consolidated at the start of December, posting a weekly gain of about 1.4%.
With all factors considered, Bitcoin’s technical indicators point to the asset breaching the $100,000 resistance. However, the maiden digital asset must hold its position above the $95,000 support.
Featured image via Shutterstock
