Albert Brown
The price of Bitcoin has hit an all-time high of $97,900, and it is now targeting $100K as Fibonacci levels and on-chain metrics support continued growth.
With the crypto market reaching a valuation of $3.15 trillion, Bitcoin has created a new all-time high (ATH), surpassing the $97,000 mark.
After three consecutive bullish weeks, Bitcoin’s price has risen by more than 40%, forming a triple white soldier pattern. This surge in bullish sentiment increases the chances of a potential parabolic bull run ahead.
Will this uptrend push Bitcoin prices toward the $100,000 mark this November? Let’s explore.
Bitcoin Hits $97,900, Bulls Eyeing $100,103
Following the bearish channel pattern breakout this month, Bitcoin’s bull run surpassed the 50% Fibonacci level at $83,592. Now, buying pressure continues to build toward the 78.6% Fibonacci level. This level slightly exceeds the widely anticipated $100,000 target, reaching $100,103.
Notably, reaching $100K will mark a major milestone for the digital asset market, likely as a catalyst for further gains.
Although some minor profit-taking is expected at this critical milestone, the Fibonacci extension points to the next target at $112,597.
Supporting the bullish trend, the MACD indicator shows a positive crossover with increasing bullish histograms. Additionally, the upward movement of the 50-week and 200-week EMAs projects extremely bullish underlying sentiment.
Bitcoin MVRV Ratio Supports Uptrend
The Bitcoin market value-to-realized value (MVRV) ratio signals room for further growth, reinforcing the bullish technical outlook. The current Bitcoin MVRV ratio stands at 2.56, a key metric that has historically helped predict market peaks.
In 2021, the market reached a peak with a ratio of nearly 3.7 and has since formed lower highs. While this lower-high trend is expected to continue, the on-chain indicator suggests there is still room for growth, and Bitcoin’s MVRV ratio is likely to surpass the 3.00 threshold in the near future.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
