Currently, Bitcoin is trading at $87,926, reflecting a quick retracement from the $93,000 peak with an intraday drop of 2.38%. However, the market cap of Bitcoin remains at $1.7 trillion. The 7-day trend is positive with a 15.45% jump, and Bitcoin has increased nearly 32% over the last 30 days.
Current Bitcoin Price Situation
In the weekly chart, the BTC price action shows a breakout from a falling channel. The ongoing bull run recently made a peak at $93,483. Currently, the BTC price is trading at $87,753.
Price Chart Analysis
The bull run currently accounts for a 67% surge from the $52,500 support. With three consecutive bullish candles, the uptrend in BTC prices has surpassed the 23.60% trend-based Fibonacci level priced at $75,818. The next resistance level stands at a 50% Fibonacci level, resulting in a price target of $111,868. Meanwhile, the crucial support stands at $75,818. The MACD and signal lines in the weekly chart maintain a positive alignment.
ChatGPT's Price Trend Predictions
Based on the analysis and the ongoing bull run, ChatGPT predicts the Bitcoin bull cycle having enough potential to reach $233,697. However, the immediate target for the BTC price trend is $111,868.
The future of Bitcoin prices remains uncertain despite the current upward trend. Attention focuses on reaching the next psychological resistance level and the potential impact of political events on the market.
