Bitcoin could reach $98,000 after recent surge and consolidation, says analyst
cnbc.com —
Bitcoin has surged about 23% following the recent election, marking a significant breakout to new all-time highs. This shift resolves a seven-month corrective phase and indicates a bullish trend in the cryptocurrency market. Technical indicators suggest that Bitcoin could reach approximately $98,000, based on recent price movements. Former resistance levels are now seen as support, reinforcing the positive outlook for Bitcoin's price trajectory. Market analysts recommend a short-term consolidation phase for Bitcoin after its strong gains, allowing for potential further increases. Investors are encouraged to monitor the market closely during this period.