Bitcoin is currently coiling up underneath the $90,000 resistance level, forming a small bull flag on the short-term time frame. If the flag pattern is successful and Bitcoin breaks to the upside, a measured move could take the price to $100,000. Institutions, such as the U.S. Spot Bitcoin ETFs and MicroStrategy, are driving this bull market with significant Bitcoin purchases.
If Bitcoin can get above $90,000 and hold this level as support, the continuation on to the 1.618 Fibonacci at $101,000 would likely be a formality. However, if the price is not rejected from that $100,000 level, much higher price targets could then be considered.
