CandleFocus Bitcoin Price Analysis: BTC Maintaining $100K Suggests Going After $110K and $120K Next
2024-12-17
Author: Content Editor
Bitcoin has been trading above $100K and is approaching the $110K mark. The asset has been forming higher highs and lows on the daily chart, with the $100K level now acting as a support zone. The $110K and $120K levels are potential targets for Bitcoin. However, the 4-hour chart shows a potential reversal pattern if the market fails to break above the ascending channel. On the other hand, investors have been accumulating Bitcoin, leading to a decrease in supply as shown by the exchange reserve metric. This suggests that Bitcoin could see higher prices in the future due to the supply and demand equation.
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