Key Takeaways
- Bitcoin trades above $116,000 as bulls and traders look to build on current price action for the crypto asset.
- If the price of BTC rallies above $120,000, there is strong bullish sentiment of a potential new all-time high.
- Crypto experts and analysts speculate on new all-time highs for Bitcoin as the price trades above a key area of interest.
The price of Bitcoin (BTC) has shown a strong market recovery over the last few days, following a bounce from a region of $108,000 towards a high of $116,000. This price could set the stage for a continuation rally towards its previous all-time high of $124,000.
Since hitting such highs, the price of Bitcoin has struggled to replicate such a rally, as it has been moving within a price range for weeks now. However, with renewed market price action, there are strong expectations that the price will rally higher and affect altcoins too.
While Bitcoin has shown strong momentum, Ethereum’s price hasn’t slowed down either after retracing towards the key support zone of $4,300. The price of ETH, the second crypto asset by market capitalization, has followed BTC to the upside.
BTC Technical Analysis
Source – BTC Daily Price Chart from TradingView
On the daily timeframe, the price of Bitcoin has displayed a strong bullish chart, with higher highs to the upside, as BTC rebounded from its key zone of $108,000, maintaining its bullish price action towards key all-time highs.
If the price of BTC breaks above previous highs, we could see strong momentum to the upside and a potential rally to $150,000 based on market expectations. However, if the price of Bitcoin retraces below $108,000, acting as an area of interest for bulls, the price could trade lower into $98,200.
With buyers and investors looking to push the price of Bitcoin higher above $120,000, the price could maintain a bullish case without giving others the opportunity for a retracement towards lower price points.
Bitcoin Market Sentiment
Crypto experts and traders are keen on the price of Bitcoin to protect it above $115,000, as this could eventually set the tone for higher price targets towards $130,000 and above. A breakdown of the price below $110,000 could lead to the price trading lower, which would impact its short-term value.
A breakout for BTC above previous highs could see strong buy orders fueling more price discovery for BTC as long-term bullish cases suggest $200,000.
FAQs
How much is BTC selling now?
Bitcoin currently trades above $116,300 at the point of writing this article.
Is it too late to invest in Bitcoin?
Investing in Bitcoin right now is not too late, as the price has more upside potential in the years to come.
How much is 1$ BTC in naira now?
Bitcoin is currently valued at above 174,000,000 Naira.
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