Bitcoin Price Confirms Breakout To $106,000 As Technicals Align

Crypto analyst Daniel has revealed that the Bitcoin price has confirmed its imminent breakout to $106,000. He explained how the technicals and fundamentals support this bullish prediction and currently align for this BTC rally to the $106,000 target.  

Analyst Predicts Bitcoin Price Breakout To $106,000

In a TradingView post, Daniel stated that the Bitcoin price now appears poised to reach the next significant resistance zone around $106,000, which also aligns with a big resistance level. The analyst noted that the market is now following through with a solid bullish impulse, pushing past intermediate resistance and confirming the continuation of the ascending channel structure. 

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He further remarked that the Bitcoin price could reach this $106,000 target with buyers stepping in aggressively and the price respecting the bullish market structure. The flagship crypto has already displayed strong bullish momentum, having broken above $90,000 earlier this week and rallying to $95,000 for the first time in two months. 

Daniel noted that this breakout occurred after a well-defined double bottom formed around the major support zone near $74,000. He added that the inability to create a new low and the sharp rejection from that zone confirmed strong buyer presence and marked a clear exhaustion of sellers. 

Fundamentals Also Support This BTC Rally

Daniel also explained that the fundamentals support this Bitcoin price rally to $106,000. He remarked that BTC is gaining strength due to several key macroeconomic shifts. These macro shifts include Donald Trump’s tariffs, which have brought about market uncertainty and led investors to seek alternatives outside the stock and bond markets. 

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The analyst highlighted the fact that the Bitcoin price has thrived during such periods of instability, with investors viewing it as a hedge against the dollar’s instability. He added that global central banks continue tightening monetary policy, increasing fears of a recession. With inflation and recession fears on the rise, investors look poised to diversify their assets into assets like BTC with limited supply. 

Daniel also affirmed that the deepening institutional interest is providing a strong foundation for the sustained Bitcoin price movement toward $106,000. He remarked that institutional adoption continues to climb, with spot market activity increasing and institutional funds seeing massive inflows. 

The analyst reiterated that the convergence of powerful technical patterns, particularly the confirmed breakout and continuation within the ascending channel, suggests a likely continuation of the upward momentum for the Bitcoin price. The strong macro and institutional adoption also supports a sustained bullish momentum for BTC. 

Daniel urged market participants to closely monitor confirmation signals, such as bullish volume surges, strong candle closures above the $90,000 breakout level, and continuation patterns forming on lower timeframes to validate the $106,000 target. 

At the time of writing, the Bitcoin price is trading at around $94,660, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Pixabay, chart from Tradingview.com