Bitcoin, the leading cryptocurrency, continues its impressive bull run.
As of Tuesday, Bitcoin has maintained a price above 100,000 USD for 30 straight days, a first in its history.
Notably, after hitting an all-time high of 111,999.00 USD on May 22, the cryptocurrency experienced a sharp 10% decline, falling to 100,428 USD on June 6 and threatening the 100,000 USD threshold. However, Bitcoin has since rebounded.
Renewed investor interest over the weekend pushed Bitcoin up to 105,000 USD. On Monday, amid U.S.-China trade talks, it surged past the 110,000 USD mark once again.
By Tuesday afternoon, Bitcoin was trading at 108,893 USD.
Read Harvey, a chart analyst at Wolfe Research, told CNBC that this trend signals a bull market.
Harvey emphasized that when an asset breaks through a key resistance level, whether psychological or historical, and successfully maintains that level, it’s an undeniable bullish signal.
He added that what is truly remarkable is Bitcoin’s ability to hold this level even during downturns. Despite briefly touching 100,000 USD on June 5, it didn’t break below this level.
Harvey noted that this movement aligns perfectly with the 50-day moving average, a key short-term momentum indicator. He suggested that this technical pattern could indicate that Bitcoin will revisit its recent peak of 112,000 USD.
He anticipated that Bitcoin will consolidate at previous highs before pushing to new record levels.
Ben Kurland, CEO of cryptocurrency research firm DYOR, views the 100,000 USD level as Bitcoin’s new baseline.
Kurland asserted that institutions, ETFs, and traders now consider 100,000 USD a solid support level, firmly rejecting the notion of a bubble.
He optimistically projected that if 100,000 USD becomes the new support level, Bitcoin could target the 120,000 USD to 130,000 USD range next.
