Bitcoin Price Prediction: BTC Bullish Continuation Pattern Points to $100k Soon
Highlights:
- Bitcoin price has rebounded strongly after a recent correction to $90k
- Bitcoin could rally to $100k if the current momentum continues
- Institutional buying, including Chinese companies, could push Bitcoin much higher
Bitcoin is sending bullish signals today after a correction earlier in the week. After a rally on November 27 that confirmed a bullish reversal, Bitcoin is now up by 2.23% in the last 24 hours. When going to press, it traded at $95,286.33, up by 2.20% in the day. However, the day’s trading volumes have dropped. They currently stand at $70.39 billion, down by 18.15% in the day.
This low-activity trading day is mainly attributed to the fact that it is a holiday. Today, the US is celebrating Thanksgiving Day, which means a lot of people are not actively trading the market. That said, the overall direction for Bitcoin at this point is up, as evident in the charts.
Technical Analysis – Bitcoin Price Forms Bullish Continuation Pattern
On the day chart, which is a clear indication of Bitcoin’s price action in the week, Bitcoin has negated two days of selloffs and formed a bullish continuation pattern. This is in the sense that Bitcoin has now formed a higher low while trading along a bullish channel. The last time Bitcoin formed such a pattern was on November 5, when it negated a few days of selloff and closed at $69,159.
This price action paved the way for the month-long price rally that pushed Bitcoin to a high of $99k. In essence, if the pattern holds, as it is doing at the moment, then Bitcoin could rally through the $100k mark pretty soon. This would further confirm the upside momentum and could pave the way for a rally to prices as high as $150k in the foreseeable future.
Bitcoin Price Supported by Bullish On-Chain Metrics
However, it is not just the charts that are pointing to a potential Bitcoin rally. On-chain metrics also point to a potential bull rally for Bitcoin. Data from CryptoQuant including the Bitcoin Value Days Destroyed (VDD) shows that Bitcoin remains strongly bullish and that the cycle is yet to show signs of ending. It confirms the fact that the recent correction was a healthy price move, as traders booked profits after an impressive multi-week rally.
The market is undergoing a correction, but it remains bullish.
The appearance of red bars will signal that the cycle's end is near. At the moment, there are none. pic.twitter.com/eS7GWxYCk9
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) November 27, 2024
There is also the fact that most long-term Bitcoin holders are not selling their coins. This comes at a time when new money continues to show strong demand for Bitcoin. It points to the strong underlying demand for Bitcoin, which aligns with the rising bullish momentum on the Bitcoin price charts at the moment.
Chinese Company Buys Bitcoin
Even bigger news is that Bitcoin could see a surge of money from China. The latest news coming from China is that SOS Ltd, a publicly listed Chinese company, has announced plans to buy $50 million worth of Bitcoin. SOS Ltd’s CEO justified the move, stating that Bitcoin has strong fundamentals that support it.
Among those he pointed to are the expected improvements in the environment for cryptocurrencies in the US, and the fact that institutional money can now be part of the Bitcoin play thanks to ETFs. The move by SOS Ltd could inspire other Chinese companies and retail investors to flock to Bitcoin. This could be the trigger that pushes Bitcoin to a high of $200k or even higher by 2025.
Possible Bitcoin Reserve in the US Adds to Possible FOMO
Investors are also likely to continue pushing into Bitcoin, driven by the news that Trump is preparing a big Bitcoin team. A US senator has already stated that President Trump is assembling a Bitcoin team, an indicator that the US could be preparing to launch a Bitcoin Reserve. Such a move could trigger FOMO by other nations as well. This further cements the case for a rally through the $100 mark in the short term.
JUST IN: 🇺🇸 Senator Lummis says, “President Trump is assembling an army to fight for #Bitcoin” pic.twitter.com/3T0Tay4EJC
— Bitcoin Magazine (@BitcoinMagazine) November 27, 2024
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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