Bitcoin demonstrated a huge bullish action during the last trading day, which helped the token breach the pivotal resistance range between $98,685.01 and $99,583.64, marking highs above $102,000. While major reasons contribute towards the rise, some among them are the rise in the hash rate that marked the ATH, increased mining difficulty, Michael Saylor buying more Bitcoin, and Donald Trump taking office soon.
With this trade setup, the BTC price is assumed to rise above $300K. But are these realistic targets?
Ever since the price rose above the consolidation, the spot ETFs have seen a significant inflow. After recording over $900 million during the past week, the total net flows were also above $900 million for the second consecutive day. This suggests the institutions are fueling the Bitcoin momentum as the institutions are buying more than the BTC mined in a day.
Now that the volume over the platform has recovered from the lows below $20 billion to levels above $50 billion, here is what to expect from the BTC price rally this month.
The historical BTC price action remains bullish and the latest rebound above $100K indicates the bulls have gained enough strength. The price is printing consecutive bullish weeks in a row, which usually happens when the token is poised to mark new highs above the current ATH at $108.2K. The +Di of DMI has displayed a bullish divergence along with RSI; hence, indicating the price could maintain a healthy ascending trend. The trade pattern suggests the next highs for the BTC price could be somewhere around $111,676, hitting the resistance of the rising wedge.
Meanwhile, the question arises whether the token will be able to sustain the gains or face another rejection from the highs. Considering the trade pattern, rejection seems imminent, while the growing market dynamics are expected to hold the levels above the previous highs, which may initiate a strong recovery.
In 2024, U.S. politics will have impacted the crypto markets, particularly the BTC price. The launch of spot ETFs and the election of pro-crypto candidate Donald Trump were the main drivers of the growth. Therefore, it is quite evident that future price surges could be highly dependent on the U.S. government’s adoption of pro-Bitcoin policies and actions.
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