Bitcoin bulls will have to maintain the price above $109,000 to enhance the prospects of a breakout to a new all-time high above $111,980.
Key point:
BTC’s rally above $109,000 has invalidated a bearish pattern, setting the stage for bulls to make a run at a new all-time high.
Bitcoin (BTC) rallied sharply on Wednesday and is trying to continue its uptrend on Thursday, indicating sustained demand from the bulls. 10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could surge to $116,000, supported by strong inflows into the spot Bitcoin exchange-traded funds, US Federal Reserve uncertainty and the sharp drop in Bitcoin supply on crypto exchanges.
