Summary
- Bitcoin (BTC) is reported to have the potential to rise to $112,000 based on technical analysis.
- Analysts have assessed that Bitcoin's buying pressure remains strong, and the market is not yet overheated.
- On-chain data indicates that the funding rate is low, interpreted as a signal that the Bitcoin market is not overheated.
Bitcoin (BTC) is projected to rise to $112,000 based on technical analysis. On the 22nd (local time), cryptocurrency media outlet Cointelegraph reported that "BTC is laying the groundwork for further gains from its current price level."
Analysts have assessed that even after Bitcoin surpasses its previous high, the market is not yet overheated and "buying pressure remains strong rather than profit-taking."
Veteran trader Peter Brandt stated, "Bitcoin is completing a 'bull pennant' structure based on technical patterns," and analyzed that "BTC could rise to $112,000 based on this."
Additionally, on-chain data indicates that the funding rate in the futures market remains low, which is interpreted as a signal that the market is not overheated.
Furthermore, despite some negative economic news such as U.S. unemployment figures, risk assets continue to rise. The media added, "This indicates a period where the market is ignoring negative news, suggesting that investment sentiment towards risk assets is alive."
Meanwhile, BTC is trading at $111,413.15, up 1.78% from the previous day, on the Binance Tether (USDT) market as of 01:43 on the 23rd.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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