Bitcoin Climbs Over $93,500: Will the Trend Continue?

Bitcoin’s Rise and CME’s Influence

Currently at over $93,500, Bitcoin is steadily heading towards the $94,000 mark. If this surge is authentic, we should expect further significant gains. However, if it turns out to be a false rally similar to previous instances, a decline might ensue following another $1,000 climb. Jelle suggests that due to a deviation caused by CME, the rise could persist. According to Jelle, every crucial milestone for Bitcoin has shown significant deviations in the CME chart over higher time frames. We are witnessing such a divergence again, suggesting the dawn of a new upward phase.

Growing Confidence in the Uptrend

In addition to CME’s indication, the involvement of altcoins in this rally is encouraging. This time, those who anticipate Bitcoin reaching $56,000 might find themselves caught off guard. Analysts like Roman Trading, who have been forecasting declines for six months, now anticipate a final climb to $104,000. With the inherent uncertainty in crypto and its high-risk reward ratio, it remains an enticing investment.

Ran Neuner points out that since BTC has surpassed the 50-day moving average, a period of substantial change has commenced. This pattern, previously observed, led to Bitcoin forming new and higher peaks. If Ran’s prediction is accurate, Bitcoin could revisit six-digit figures.

DaanCrypto also highlights the presence of a CME gap.

“Currently, BTC has two CME gaps. One is around New Year’s, and the other this weekend. Tracking these gaps is crucial, especially if prices trade near them. These areas could act as local reversal zones if prices enter these gaps.”

If Bitcoin manages to surpass $94,000 and continue its advance, it would be remarkable. However, should a pullback occur, according to DaanCrypto, we can anticipate a rebound from $90,400. Thus, the critical regions to monitor are between $93,500 and $90,400.