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Bitcoin (BTCUSD) - Bullish run to $100,000. When's the correction?

2024-11-16 08:34 CRYPTO forecast

BTC is consolidating after a strong rally. Most likely the token is preparing to go even higher. The target of 95K-100K is getting closer and closer and is becoming more and more realistic

The fundamental backdrop is strong. Trump has been a driver for bitcoin and the cryptocurrency market. The phenomenon as a whole is quite interesting.

Bitcoin is coming out of a 9-month accumulation and is strengthening by 34% as part of the rally. Can this rally be even bigger? Yes! And there are bullish premises for that:

Technically, bitcoin is not trying to update the lows. It is forming a smooth, calm and upward movement with gradually updating highs, and in the last two days the price has been accumulating in front of a strong resistance level. An ascending price channel is forming on H1-H4.

The recent 7% retracement of the ATH is nothing more than profit-taking. There are no funadamental and technical reasons for a deep correction yet.

Resistance levels: 91650, 93250

Support levels: 90300, 89200, 87500

At the moment consolidation is forming near 92K. The emphasis is on 91650. A breakdown and consolidation above this area may trigger a continuation of the impulse (rally).

I do not exclude that on the background of reduced liquidity (Saturday/Sunday), bitcoin may test the support area before further growth

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