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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.