Bitcoin Surges Back to $96K – Analyst Predicts $109K Next while Key Levels Suggest Breakout
Mustafa Mulla29 Nov 20242 min read
Bitcoin has made a strong comeback, jumping above $96,000 after a dramatic dip to $90K just days ago. This price change has gotten a lot of people talking as Bitcoin gets closer to reaching the $100K mark. Perhaps according to Financelot’s latest analysis, Bitcoin could climb as high as $109K before possibly pulling back.
Bitcoin Bullish Indicator Hint $109K
Bitcoin has recently surged past the $96,475 mark, up over 1.3% in the last 24 hours, continuing its strong upward trend. This positive movement is supported by key market indicators that suggest short-term bullish momentum is building.
Meanwhile, Financelot’s tweet shows an interesting chart with some clear signs of growth. Bitcoin’s price is moving within an ascending channel, and the MACD pointing upwards. These signals suggest that market strength is growing and investor confidence is on the rise.
Fibonacci extension levels also play a crucial role here. The $100,000 mark is seen as a major psychological resistance. If Bitcoin manages to break through this, it could aim for the next target of $109,000, based on the 4.236 Fibonacci extension.
Some analysts believe that this could happen within the next few days as Bitcoin’s momentum continues to build.
Potential Correction If Failed $100K
While the short-term outlook remains positive, Financelot hints at a likely correction following the anticipated rally. The chart’s wedge-like formation near the current price suggests caution, as such patterns often indicate pullbacks.
If Bitcoin fails to hold above $100K, traders might witness a steep decline, potentially revisiting lower support levels around $87K.
Dormant Bitcoin Wallets Awakens
However, recent data from Santiment reveals a significant drop in Bitcoin’s Mean Dollar Invested Age (MDIA) has dropped sharply, falling from 637 days in October to 466 days—a 27% decrease.
This means older, inactive Bitcoin is being traded again, a sign of growing confidence in the market. If MDIA continues to fall, it could mean even stronger bullish momentum, as more Bitcoin enters the market.
