Bitcoin has recently broken out of an inverse head and shoulders pattern on the weekly timeframe, signaling strong bullish momentum. The breakout was accompanied by high volume, which analysts believe is a positive sign for the market. Moreover, the confirmation from the Ichimoku Cloud helps one to believe that the upward movement may be expected in the nearest future.

Bitcoin’s Retest Could Confirm Bullish Trend and Fuel Rally

Experts say that another drop back to the breakout point could be useful for confirming the trend. It would also likely provide for the CME gap, which traders have been watching keenly, according to the research study. And if retest and gap fill is successful it will increase confidence in the market and therefore a further rally is more probable.

However, if the upward trajectory is maintained, it is possible for Bitcoin to rise to the $100k level and beyond. The common opinion has it that its penetration through this psychological level can open the next stage of the price formation. This would probably result to high traffic of fund flow by both the retail and institutional investors hence boosting the stocks even further.

Bitcoin Gains 4%, Market Focused on $100k Breakthrough

In the course of this writing, Bitcoin is trading at about $91,200, a 4.12% gain in the past 24 hours. Although the price has already been on the rise to achieve a new high, there are many traders who are waiting for a confirmation that the bullish trend will continue. The psychological level of importance at the present time is the $100k level, with which many traders associate the next large step for Bitcoin.

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Overall, the market seems to be buoyant with many traders continuing to hold strong beliefs that Bitcoin price is capable of hitting new high in the next one or two weeks. It is hoped that this breakout is sustained, and that Bitcoin will continue its path upwards.

The flow of institutional investors and growing support from the retail trader end also point to the fact that the uptrend in Bitcoin could have more steam left. This means that should the market continue to grow then Bitcoin prices could hit even higher grounds.