Bitcoin ‘santa Rally’ Targets $120k As Key BTC Metric Flips Bullish

Bitcoin approached $90,000 amid Santa rally speculation, backed by bullish derivatives and chart patterns that target a BTC price above $100,000.

Bitcoin (BTC) charged toward $90,000 during the early Asia trading hours on Monday as a key market metric suggested a “tactical” upside potential for BTC price.

Bitcoin is up 6.5% from recent lows, fueling "Santa Rally" hopes with targets up to $120,000.

Short liquidations are dominating, which can provide fuel for the bulls.

Bitcoin price must not fall below $84,000 for a sustained recovery.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting an intra-day high of $89,850, up 6.5% from a local low of $84,400.

Bitcoin is “looking for a Santa Rally,” analyst AlphaBTC said in an X post on Monday.

An accompanying chart suggested that the ongoing recovery could see the BTC/USD pair rise higher, first toward the yearly open at $93,300 and later toward the $98,000 and $100,000 resistance zone.

Fellow analyst Captain Faibik said Bitcoin was looking to break out of a bullish megaphone pattern after consolidating within a wide range stretching from $82,000 to $95,000 since Nov. 22.

Related: $90K BTC vs. record gold price: 5 things to know in Bitcoin this week

Source: CoinTelegraph