The post Bitcoin $100K Breakout Sparks $116K Price Prediction appeared on BitcoinEthereumNews.com.
Bitcoin leads with a 10% increase this week, with altcoins catching up. Bitcoin has broken a key resistance at $100,500, aiming for the $116,000 target. Potential resistance at $106K; support levels expected around $102K to $100K. The cryptocurrency market is showing a strong performance as Bitcoin leading the charge. Looking at weekly performance, Bitcoin saw an impressive 9% increase after an earlier slowdown, Ether rose more than 3%, and XRP experienced a massive surge of nearly 34%. With the crypto market rebound underway, the market is waiting for its next move as Donald Trump prepares for his inauguration. While some anticipate a bullish trend, questions linger about the level of volatility that could emerge in the coming months. Related: Bitcoin Predicted to Hit $200K in 2025: Market, Policy Catalysts Ahead Breakout Above Key Resistance Analyst Josh of Crypto World noted that Bitcoin has broken above the critical $100,500 resistance level on its daily chart. This comes after a period of sideways movement that reset indicators like the RSI to neutral levels, allowing for further upward movement. The breakout, along with a bullish RSI, points to a price target around $116,000, meaning a 15% possible upside. However, the analyst warned that Bitcoin is facing resistance around $106,000 to $107,000, with a possible move toward $108,000. Should a pullback occur, Bitcoin has support at $102,000 to $103,000, with stronger support around $100,000. On the weekly Bitcoin chart, Bitcoin remains in a bull market, and as the second half of January progresses, the next big move could be imminent. Related: Bitcoin’s $100K Rally: Trump, Congress, and Crypto Adoption Liquidity and Price Drivers The breakout is accompanied by a rise in the daily Bitcoin RSI, triggering a short squeeze and the liquidation of several short positions. Similar signals on the MACD indicator hint at…