Bitcoin (BTC) is striving to surpass the key resistance of $106,000 and move towards setting a new record. Despite recent fluctuations, Bitcoin’s upward trend remains strong, indicating a repetition of historical patterns from past market cycles. The Mayer Multiple index shows that Bitcoin is currently in a neutral zone, signaling market stability and the potential for further growth without facing severe corrections. The dominance index for Bitcoin is following a four-year pattern, suggesting a potential price increase similar to the 2020 cycle, which usually corresponds with bullish market phases. Currently priced at $105,142, Bitcoin needs to break the $106,193 resistance level to aim for the next target of $108,400 and set a new record. Formation of a double bottom pattern indicates a 11% growth possibility and reaching a new peak of $113,428 if the resistance is broken. Failure to break the $106,193 resistance may lead to price consolidation around $102,235, with a downside risk to $100,000 and even $95,668, challenging Bitcoin’s bullish outlook. Visit the realtime digital currency price page to track prices of all tokens and cryptocurrencies.
