The current upward momentum of Bitcoin is attributed to its continuous breakthroughs of key resistance levels. Notably, once the Bitcoin price broke through $106,500, it quickly surged to the $110,000 mark, a prediction accurately made by analyst Michael Van de Poppe. According to him, breaking through $108,900 further accelerated the price movement, with the current highest price expected to be $110,561.
As seen in the past, a brief consolidation trend often occurs after such parabolic moves. This may imply that Bitcoin could hover around current levels or experience a slight pullback before reaching new highs. The RSI indicator on the hourly chart suggests that the market is temporarily weak, but the structure remains bullish.
The ideal buying range remains between $107,000 and $108,000, with this support level having strong sustaining potential. If the price retraces further, the liquidity pool below $105,500 may also become a rebound area. If the current momentum continues and the dip remains shallow, then it is not only possible but highly likely that Bitcoin will break its all-time high within the next 24 hours.
