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After Bitcoin crosses the $107,000 barrier and sets a new all-time high, will the bull cycle reach $110K in 2024?
With a new all-time high, Bitcoin is maintaining dominance above the $106,000 level. The overnight surge marks a bullish breakout, pushing the total crypto market cap to $3.73 trillion.
Will this bullish breakout lead to an extended rally to $110,000 for Bitcoin before the end of 2024? Let’s explore it.
Bitcoin Price Analysis
In the 4-hour chart, BTC price action shows a bullish breakout from a rising channel pattern. This breakout signals strong buyer momentum, creating a new all-time high of $107,821 and achieving the inverted head-and-shoulders breakout target.
However, the bull run is struggling to find a close above the 50% Fibonacci level at $106,912. This level remains a critical resistance point for BTC, acting as a hurdle for further price growth.
The MACD and signal lines remain in positive alignment, supporting the possibility of an upside move. This bullish alignment reflects increasing buyer interest.
Institutional Buying Boosts Momentum
The ongoing buying spree among top institutions continues to gain momentum despite the relatively slower growth in Bitcoin’s price.
U.S. spot Bitcoin ETFs recorded a net daily inflow of $636.85 million, with BlackRock remaining the top purchaser, contributing $418.16 million. Fidelity follows with an inflow of $116.06 million. This highlights the growing institutional confidence in Bitcoin’s long-term potential.
Institutions have now accumulated $120.71 billion worth of Bitcoin, accounting for 5.76% of its market cap. This underscores the significant role institutions are playing in driving demand for Bitcoin.
Meanwhile, MicroStrategy purchased $1.5 billion worth of Bitcoin yesterday. The development contributed to Bitcon’s run to $107K yesterday.
BTC Price Targets
BTC’s price action shows a post-retest reversal, gaining momentum from the broken exchange trendline.
If BTC manages to close strongly above the 50% Fibonacci level, bulls are eyeing a rally to $110,730, which aligns with the 67.80% Fibonacci level. A breakout above this level could pave the way for even higher targets, potentially continuing the uptrend.
On the flip side, a bearish reversal could test the 38.20% Fibonacci level at $103,093.