Bitcoin Update — Why 100k Is On The Table And What Needs To Happen First!
After eight days of battling the EMA200, $BTC finally won the match and closed the day above this essential technical indicator.
The success on Saturday was mainly driven by the reduced market pressure, as the German state of Saxony ran out of Bitcoin.
As expected, the price continued to rise after closing above the EMA200. The unbelievably sad events in the U.S. further fueled the increase.
As a result, Bitcoin is now eyeing the upper boundary of the long-term bull flag. This pattern has started to form in March after Bitcoin jumped from ~40k to ~73k.
From a technical analysis point of view, a break to the upside of the bull flag would inevitably bring 100k to the table. However, it is unlikely (right now) that Bitcoin will smash that barrier directly with the next attempt.
Nevertheless, based on the current momentum shift, I would expect a break to the upside during the next weeks, followed by a new ATH and a march toward 100k during the 3rd quarter.
