$104K and Counting: Can Bitcoin Sustain Its Momentum?COINBASE:BTCUSD - Daily
Current Price: 97,520
Executive Summary:
Is Bitcoin Set for a Correction After Hitting $104,000?
Bitcoin has hit significant milestones, with two of our predicted targets—$90,000 and $100,000—successfully achieved, delivering a remarkable gain of 46.44% and 3,307,221 pips. After climbing to $104,000, Bitcoin entered extreme overbought territory across daily, weekly, and monthly charts, signaling exhaustion. With the formation of an ascending channel and overbought signals, a potential correction could be on the horizon. Here’s what to expect next.
Analysis:
In our earlier analysis, we predicted key price targets of $90K, $100K, and $110K. Bitcoin successfully hit $90K and $100K, eventually climbing to $104K—a remarkable gain of 46.44% and 3,307,221 pips. However, this rally propelled Bitcoin into extreme overbought territory across multiple timeframes, signaling a potential need for correction.
On November 6, Bitcoin broke out of a falling wedge/handle pattern, driving the price to $104K. Since November 12, it has been ascending within a channel—a formation that often precedes a downward correction. Coupled with extreme overbought conditions on daily, weekly, and monthly charts, Bitcoin now shows clear signs of buyer exhaustion.
Potential Correction Level:
Fibonacci Retracement (50%): $85,327.80
Key Levels to Watch:
• Extreme Overbought: $112,500
• Overbought Resistance: $106,250
• Ultimate Resistance: $100,000
• Major Support: $75,000
Thank you for taking the time to read this analysis. Wishing you great success in your trading journey! Always prioritise proper risk management to achieve sustainable growth in the markets. Good luck with your trades!
