Bitcoin (BTC) Price Eyes $100,000 After Breaking All-Time Highs
The price of Bitcoin (BTC) has increased by 21.70% in the last seven days, repeatedly hitting new all-time highs. Currently, BTC is 10% below the $100,000 milestone, showing exceptional strength as indicated by technical markers such as the DMI and EMA lines.
As market sentiment moves towards a growing level of confidence but not yet euphoria, there is still room for growth ahead of potential corrections. However, while the momentum remains positive, traders should be wary of potential changes as Bitcoin moves into this critical phase.
Bitcoin's current bullishness is very strong.
The BTC DMI chart shows Bitcoin's strong uptrend. The Average Directional Index (ADX) is currently at 48, indicating significant trend strength. ADX is a tool that measures how strong a trend is – values above 25 indicate a strong trend and anything above 40 is considered very strong.
A few days ago, the ADX was approaching 60, indicating that the start was more aggressive.
The Directional Movement Index (+DI and -DI) further explains the direction of this trend. With +DI at 30.37, the data indicates bullish momentum, while -DI at 13.67 indicates weak selling pressure. This combination shows that buyers currently have a firm upper hand over sellers, reinforcing Bitcoin's bullish momentum.
The difference between these values supports the overall strength of the current bullish trend, which suggests that bullish forces still dominate the market despite recent increases.
Bitcoin NUPL is still far from Euphoria.
Bitcoin's NUPL (Net Unrealized Profit/Loss) indicator currently stands at 0.62, placing it at the “Confidence – Denial” level. NUPL measures the total unconfirmed profit or loss of all Bitcoin holders, helping to identify the broad sentiment in the market.
At 0.62, market sentiment has moved from cautious to growing confidence but has not yet reached high optimism.
Even at the “Faith – Denial” level, the NUPL level is still significantly below 0.7, the “Euphoria – Greed” threshold. Historically, this next phase is when Bitcoin often faces strong corrections as market sentiment shifts to sustained greed.
With the current price of NUPL below this critical threshold, the price of BTC may still rise before reaching the level associated with high temperatures.
BTC Price Prediction: Will BTC Reach $100,000 in November?
The Bitcoin EMA lines are currently showing a very strong bullish position, with the price above all set and the short-term EMAs above the long-term.
This alignment is a classic indicator of well-supported growth, suggesting that momentum is in favor of further gains.
BTC price is also about 10% from historical. 100,00 dollars0 mark, and given the strength of the trend and supportive metrics like NUPL, reaching this milestone seems possible in the near future. However, corrections can always be made before a new all-time high is established.
If the trend loses strength, Bitcoin price may experience a rebound that could test support levels at $85,000 and $78,400.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
