Crypto price prediction: Bitcoin's strong bullish trend attrack more investors

Bitcoin's price prediction:

Bitcoin is priced at $107,380.78 per BTC, with a 24-hour trading volume reaching $90.61 billion. In last few hours, Bitcoin's price fell by 1.71%, but it still saw a 2.74% rise over the last 24 hours and an impressive 9.82% increase over the past week.

Bitcoin recently hit a new all-time high of $107,380.78 during the early Asian trading session. However, by the European session on Monday, the price had slightly retraced to around $103,600. This significant milestone highlights Bitcoin's ongoing strength in the market, but traders are advised to stay cautious.

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Despite the record high, there are signs that Bitcoin might face a pullback. Key momentum indicators, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO), suggest potential weakness. These indicators show a bearish divergence, meaning that while Bitcoin's price reached higher levels, the RSI and AO did not, hinting at a possible decrease in bullish momentum.

If Bitcoin's price pulls back and falls below the $100,000 mark, it could further decline to retest the $90,000 support level. This level is critical as it provides a base from which Bitcoin has previously bounced back. A drop below this support could indicate a more extended downturn, impacting market sentiment.

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On the other hand, if Bitcoin maintains its upward trend, it could aim for a new high of $119,510. This target aligns with the 141.4% Fibonacci extension line, calculated from the November 4 low of $66,835 to the December 5 high of $104,088. Achieving this level would reinforce Bitcoin's strong bullish trend and could attract more investors.