Bitcoin’s Mad Dash to $100K: Bull or Just a Fancy Jig? 🎢💰

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Well, I say, old bean, Bitcoin’s gone and done it! 🌟 Broke through the $94,500 barrier on Tuesday like a chap crashing a rather exclusive soiree. Confirmed the breakout with all the finesse of a Jeeves-approved maneuver. Next stop? The dizzying heights of $100,000, before a jolly good romp to $108,000. But the question on every fellow’s lips: Is this the real McCoy, or merely a relief rally with all the substance of a Bertie Wooster apology? 🤔

The Great Breakout Caper

The mini bull flag, after much dithering and faffing about, finally decided to show a bit of spine and broke out, what? Up to the $94,500 mark, no less, which, as it happens, is the pinnacle of an ascending triangle pattern (marked in green, for those keeping score at home). The measured move, you ask? A tidy $97,500. Not too shabby, eh? 🧐

But the real humdinger is the breakout of the ascending triangle. Its top trendline perched precisely on the old resistance level of $94,500. A breakout of this magnitude is the financial equivalent of Aunt Agatha finally approving of one’s latest love interest. The next major resistance, mind you, is at $108,000-a figure that makes even the stoutest of hearts flutter. 💸

Before we start popping champagne corks, though, the bulls must ensure that Bitcoin doesn’t go all wobbly and dip below the now-firm support at $94,500. Tuesday’s breakout was confirmed, but a small leg down might just be a retest of this support. Nothing to lose one’s cool over, what? 🥂

One tiny fly in the ointment: the RSI indicator hasn’t quite managed a higher high-yet. Unless it pulls up its socks, we’re looking at bearish divergence in this short-term rigmarole. 🙄

A Measured Move to $108,000? Egad!

The daily chart, old sport, lays it all out like a perfectly arranged silver service. The ascending triangle’s measured move points straight to the $108,400 resistance level. Should Bitcoin actually get there, it’ll cancel out the potential bear flag, likely around $102,000. Talk about a plot twist! 📈

Down below, the RSI indicator line has pierced through the downtrend line and is testing the break, mirroring the price action above with all the precision of a Jeeves-planned itinerary. 🕵️♂️

Relief Rally or Full-On Bullish Bonanza?

The weekly chart reveals a breakout as nascent as Bertie’s attempts at responsibility. The potential bear flag, drawn in mauve (how dashing!), remains a threat until the price clears the $101,000 resistance. Still, one mustn’t lose hope, what? 🦁

At the chart’s bottom, the MACD shows the blue line turning back to the upside, with the signal line (in red) poised to follow suit. A crossover could be on the cards next week, and the histogram might just paint its first green bar. Exciting times, indeed! 🎨

The Fear and Greed indicator has finally landed in the neutral zone, but there’s no shortage of naysayers on social media claiming this is just a relief rally in a bear market. Could be, old chap, but the moment that bear flag is nullified, we might find ourselves in the midst of a full-on bull rally. New all-time highs? Potentially much further? These next few weeks could be rip-roaringly exciting! 🚀

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2026-01-14 14:14