Bitcoin is getting ready to take off

BTCUSD

Bitcoin rebounded to the upside in yesterday’s trading, making it likely to target the resistance zone of $108,350. This scenario would be invalidated if the $102,500 support zone is broken to the downside in today’s trading.

Bitcoin saw a significant rise today, surpassing the $105,000 mark, registering an increase of 2.29% compared to the previous day. The price ranged between $101,423 as the lowest point and $105,581 as the highest point during the day.

This rise is attributed to several factors, most notably the positive forecasts from major financial institutions. For example, Standard Chartered raised its price target for Bitcoin by 50% to $150,000 by the end of this year, with expectations that it could reach $250,000 in 2025.

From a technical perspective, Bitcoin has broken through key resistance levels, indicating strong bullish momentum. However, investors should remain cautious due to potential market volatility, as price corrections are possible given the current market dynamics.

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