Crypto: Bitcoin Traders Predict ‘strong Run-up’ As Classic Chart Targets $113k

The recovery may continue as long as Bitcoin achieves a daily close above $98,000, with the technical setup projecting 18% gains ahead.

Bitcoin’s (BTC) price traded 9.5% above its Jan. 1 open of $87,500, and traders were confident that BTC’s short-term “trend is up” as the price approached a key level of interest.

Bitcoin price consolidates around $95,000 as bulls face a major barrier ahead.

Technical analysis shows an ascending triangle targeting $113,200 BTC price.

As Cointelegraph reported, Bitcoin’s ability to return to a six-figure price hinges on overcoming the resistance at $98,000 — the short-term holder (STH) cost basis.

This is the critical point on traders’ radar and one that has not received a convincing retest recently.

Related: Bitcoin rally collapses at $97K as funding rate stalls, retail traders sit out

“$BTC is approaching a key inflexion point,” said Glassnode analyst Chris Beamish in a Friday post on X, adding:

MN Capital Founder Michael van de Poppe said as long as the BTC/USD pair holds above the 21-day moving average at $91,200, “the trend is up,” and it will just be a matter of time until it breaks $100,000.

Analyst Mags spotted Bitcoin bouncing from a multi-year trendline in the weekly timeframe.

Source: CoinTelegraph