History is made at $100,000, here is the next goal

Bitcoin is making history because a six-figure BTC price is finally here. Still, investors may be wondering how far the king of cryptocurrencies can actually go.

Technical analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows that Bitcoin finally broke through the 100,000 mark today and is heading towards the $105,000 mark. Since the market structure is so bullish, a rise towards the $120,000 area is even possible in the short term.

Meanwhile, the RSI has once again entered overbought territory and the 200-day moving average is also well behind the price, currently trending near the $70,000 level. Therefore, there is also the logical probability of an imminent correction, which could represent a buying opportunity.

The 4 hour chart

The 4-hour chart clearly shows BTC price movement over the past month. After breaking the $90,000 resistance level, the market slowed down and gradually rose through higher highs and lows.

However, today’s breakout above $100,000 could lead to an aggressive continuation higher.

With the RSI also entering the overbought zone during this period, there are further signs that a pullback could soon occur, which could see the price fall towards the uptrend line and the $96,000 level ahead it rises again.

Sentiment analysis

By Edris Derakhshi (TradingRage)

Funding rates

Since the futures market is arguably the most important determining factor in Bitcoin’s short-term price movements, analyzing its overall sentiment would likely help investors make more accurate predictions.

This chart represents funding rates, which measure whether buyers or sellers execute their leveraged positions more aggressively.

While the metric is currently positive, indicating bullish momentum, it could also lead to a possible reversal. High funding rates are usually followed by a sudden decline due to long liquidation cascades.

With Bitcoin’s aggregate funding rates reaching their highest levels in the past year, a correction seems likely soon. This could also lead to a period of consolidation as the futures market cools down.