Analyst: $200K Possible, $104K–$124K Nearer Target

Bitcoin’s climb above six figures earlier in 2024 and an all-time high near $126,000 have kept bullish expectations alive even as the price sits below $100,000. Long-term momentum remains positive and many forecasters still see a return to six figures and fresh highs.

A TradingView post from analyst Setupsfx maps the current recovery as a bullish sequence that began after Bitcoin reclaimed $70,000 and then pushed above $72,000 on notably strong volume. That spike in demand, the analyst says, underpins the ongoing uptrend and lowers the likelihood of a renewed crash so long as those levels hold.

From the present trend, Setupsfx identifies a first major target at $104,000, pointing to a liquidity void in that zone that could act as resistance. Clearing $104,000 would open the path toward a second target around $124,000—just under recent all-time highs. A further extension of the rally could aim for $134,000 to complete this phase.

While a $200,000 outcome remains possible on a longer-term view, the nearer-term focus is on successfully moving through the $104,000–$124,000 range, with the bullish volume backdrop as the key driver for further upside.

Source: TradingView. Featured image: Dall.E; chart: TradingView.com.