Bitcoin’s Next Big Move: $111,000 Resistance Level

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Currently, Bitcoin (BTC), the leading cryptocurrency, is being traded at over $104,000. This comes after a substantial 10.98% surge in its value during the past week. Although there has been some sideways movement following a rejection at the $105,700 level, several technical indicators suggest that this upward trend may persist, potentially leading to further price increases and new record highs.

Bitcoin Growth Hinges On Two Critical Resistance Levels

In a more current piece on X, well-known cryptocurrency expert Burak Kesmeci offered up an intriguing prediction for the BTC market utilizing the Bitcoin Gold Ratio Multiplier as his basis.

The Bitcoin Gold Ratio Multiplier, as its name suggests, quantifies the comparison between Bitcoin’s price and gold value, providing insights into market sentiments and price dynamics. This tool helps evaluate Bitcoin’s worth in relation to gold and can pinpoint potential reversal points by utilizing historical correlations and trends between these two assets.

As per Kesmeci’s analysis, the Bitcoin Gold Ratio Multiplier suggests that $111,000 could be the next significant barrier for Bitcoin due to past trading trends. This means investors should prepare for a potential drop in price as Bitcoin nears this value. However, if powerful market drivers like robust institutional demand continue, Bitcoin’s price might surge beyond this resistance level.

On both sides, this forecast implies that Bitcoin might still have further upward momentum, even after being rejected at approximately $105,700. Furthermore, the ongoing bullish trend could propel Bitcoin past its current record high of $108,268, venturing into unexplored price territories.

Although $111,000 poses a significant immediate challenge, the Bitcoin Gold Ratio Multiplier indicates a potential long-term barrier at around $139,000, as denoted by a red trend line.

In this specific scenario, the red trend line signifies the boundary between the ongoing bull market period and an intense growth phase. According to Burak Kesmeci’s viewpoint, if Bitcoin (BTC) bulls manage to break through the $139,000 mark, it could signal the beginning of a parabolic rise that surpasses previous price spikes – essentially, setting the stage for an exciting and potentially explosive period.

BTC Price Overview

Currently, a single Bitcoin is being transacted for approximately 104,887 dollars, following a drop of 0.84% over the past day. Furthermore, the daily transaction volume has significantly decreased by about 29.30%, reaching around 50.6 billion dollars. Despite this dip, there’s still a lot of enthusiasm for Bitcoin, as many believe that the bull market, which traditionally sees significant price increases, will continue until 2025 – its final year.

The idea that Bitcoin might benefit from favorable cryptocurrency policies under Donald Trump’s presidency is fueling current enthusiasm. Consequently, analysts are projecting significant price increases for Bitcoin, with estimates ranging from $145,000 to as much as $350,000.

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2025-01-19 14:41