Top Bitcoin (BTC) Predictions as the Price Briefly Crossed $100K

TL;DR

• Bitcoin surged from beneath $90K to briefly surpass $100K, pushed by bullish momentum and CPI knowledge. Analysts predict additional beneficial properties, with some anticipating a brand new all-time excessive and an “euphoria part” for the market.
• Optimistic trade netflows and an RSI above 70 counsel potential promoting stress and overbought circumstances, signaling a potential short-term correction.

New ATH Incoming?

Bitcoin (BTC) as soon as once more proved its risky nature previously a number of days. It was buying and selling at round $94,000-$95,000 in the course of the weekend, however the bears stepped in firstly of the enterprise week, suppressing the valuation beneath $90,000 for the primary time since November final 12 months. 

Because it turned out, although, this was only a momentary plunge, and the worth began climbing exponentially within the following days. On January 15, BTC soared above $98,000 following the newest CPI knowledge launched by the US Labor Division. The bulls continued to prevail, and the asset briefly surged previous $100K on January 16. Within the subsequent hours, BTC barely retraced and is at present price round $98,000 (per CoinGecko’s knowledge).

Crypto X is stuffed with analysts who seen the spectacular value resurgence and predicted additional beneficial properties within the close to future. Captain Faibik envisioned a brand new all-time excessive by late January, whereas JAVON MARKS expects “an enormous breakout.”

The latter noted a particular “flag breakout” on the worth chart, sustaining that the final time this occurred, BTC skyrocketed by over 70% in almost a month.

Mikybull Crypto chipped in, too. The analyst suggested that surpassing the resistance degree of round $99K may provoke “the fun and euphoria” psychological market part. 

“That is the part the place every thing pumps, particularly alts,” they added.

A Potential Correction?

Opposite to the bullish predictions, some metrics sign that the first cryptocurrency may lose some steam within the quick time period. According to CryptoQuant, the BTC trade netflow has been predominantly optimistic previously seven days. This signifies a possible shift from self-custody strategies towards centralized buying and selling platforms, which may be thought of bearish because it will increase the fast promoting stress.

One other issue price touching upon is BTC’s Relative Energy Index (RSI), which earlier right now (January 16) surpassed 70. Such a excessive degree suggests the asset is likely to be overbought and headed towards a potential pullback. 

Quite the opposite, any readings beneath 30 may be interpreted as a bullish signal.