Will Bitcoin (BTC) Price Reach $110K in 2024 After Crossing the $107,000 Barrier?

With a new all-time high, Bitcoin is maintaining dominance above the $106,000 level. Will this bullish breakout lead to an extended rally to $110,000

Bitcoin price hit a new all-time high on Monday, crossing the $107,000 barrier. The bull cycle is showing no signs of slowing down, and many are wondering if BTC will reach $110K in 2024.

With a new all-time high, Bitcoin is maintaining dominance above the $106,000 level. The overnight surge marks a bullish breakout, pushing the total crypto market cap to $3.73 trillion.

Will this bullish breakout lead to an extended rally to $110,000 for Bitcoin before the end of 2024? Let’s explore it.

Bitcoin Price Analysis

In the 4-hour chart, BTC price action shows a bullish breakout from a rising channel pattern. This breakout signals strong buyer momentum, creating a new all-time high of $107,821 and achieving the inverted head-and-soulders breakout target.

However, the bull run is struggling to find a close above the 50% Fibonacci level at $106,912. This level remains a critical resistance point for BTC, acting as a hurdle for further price growth.

The MACD and signal lines remain in positive alignment, supporting the possibility of an upside move. This bullish alignment reflects increasing buyer interest.

The 4-hour chart also shows a breakout from the Bollinger Bands, indicating high volatility and a potential for a strong directional move.

Institutional Buying Boosts Momentum

The ongoing buying spree among top institutions continues to gain momentum despite the relatively slower growth in Bitcoin’s price.

U.S. spot Bitcoin ETFs recorded a net daily inflow of $636.85 million, with BlackRock remaining the top purchaser, contributing $418.16 million. Fidelity follows with an inflow of $116.06 million. This highlights the growing institutional confidence in Bitcoin’s long-term potential.

Institutions have now accumulated $120.71 billion worth of Bitcoin, accounting for 5.76% of its market cap. This underscores the significant role institutions are playing in driving demand for Bitcoin.

Meanwhile, MicroStrategy purchased $1.5 billion worth of Bitcoin yesterday. The development contributed to Bitcon’s run to $107K yesterday.

BTC Price Targets

BTC’s price action shows a post-retest reversal, gaining momentum from the broken exchange trendline.

If BTC manages to close strongly above the 50% Fibonacci level, bulls are eyeing a rally to $110,730, which aligns with the 67.80% Fibonacci level. A breakout above this level could pave the way for even higher targets, potentially continuing the uptrend.

On the flip side, a bearish reversal could test the 38.20% Fibonacci level at $103,093.