Here are the Next Targets for the BTC Price Rally
The cryptocurrency market witnessed the craziest 24 hours in history, which strengthened the price of Bitcoin. President Donald Trump has signed a number of executive orders that are believed to be more promising than anyone expected. Trump signed an order banning the creation of CBDCs and vowed to make the United States the “crypto capital” of the world. In addition, they are all preparing to create strategic reserves for Bitcoin and Ethereum and Solana.
The last time Trump took control of the White House, the entire cryptocurrency market went crazy, BTC price Surging over 1900%, ETH price is around 14,000%. Therefore, with the current breakout, the market is about to experience a similar price increase to that of most cryptocurrencies, including Bitcoin, in line with another monster run. With all of these advancements, Bitcoin’s price is still holding on between $105,000, providing a huge bullish signal for the cryptocurrency.
Additionally, larger entities (e.g. whales) currently have no sign of distribution and no accumulation. Therefore, the upcoming weekly close could be very important for future Bitcoin price rallies.
Bitcoin has been trading within a predetermined range for over 3 months and has upgraded to a higher range. The numbers have also increased significantly, mostly in favor of the bulls. Therefore, after excessive accumulation, BTC price tends to break out of the range, which may happen by the end of next week. On the other hand, the DMI, which almost experienced a bearish crossover, sparked a bullish divergence. Additionally, the RSI remains incremental, hinting at a breakout above $108K at $108K.
Meanwhile, Bitcoin (BTC) price surpassing $109K and reaching $110K won’t be easy as over $240M has been stored for longevity. A breakout of the zone could cause a minor pullback, but now, the bulls appear poised to push the price towards a new ATH, so prices above $106.6 can be sustained, which could pave the way for new highs.
