Bitcoin Nears Bull Market 'Pivot Point' with $108K Price Target in Sight

Bitcoin (BTC) has recently shown signs of a resurgence, reaching a crucial price level that signals the potential for a bull market. On February 21, Bitcoin held firm at $98,000, posting its highest daily close in nearly three weeks. This move has fueled expectations that Bitcoin could soon cross the six-figure threshold, with traders eyeing the $108,000 mark as the next major target.

Bitcoin Bulls Eye Six-Figure Price as Market Recovers

After weeks of low volatility and stagnant price action, Bitcoin's recent gains have been a welcome relief for traders. Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD closed at $98,330 on Bitstamp, marking a notable step forward after a prolonged period of little movement.

The recovery has been partly fueled by positive U.S. macroeconomic data. Initial jobless claims surpassed forecasts, reaching 219,000—4,000 more than expected—which could indicate that the labor market is feeling the strain of restrictive economic policies. However, despite this sign of economic pressure, the CME Group’s FedWatch Tool still shows almost no likelihood of the Federal Reserve cutting interest rates in its upcoming March meeting.

Traders Anticipate $100K Breakout

In the wake of this recovery, traders are focusing on key price levels for Bitcoin. One trader, Patric H., pointed out that flipping $100,000 to support would be a crucial step toward confirming the continuation of the bullish trend. On a medium timeframe, he emphasized that Bitcoin needs to breach two descending trend lines to spark further upside.

Another prominent trader, Roman, described the $98,400 price level as a "pivot point" for Bitcoin. If Bitcoin can break past this level, he believes the next major target could be $108,000, a move that would represent a $10,000 upside. Roman also noted the positive trend in volume, which has been decreasing as the price consolidates, a setup that could signal a breakout to the upside.

Bitcoin Joins Gold and Stocks in Bullish Momentum

Bitcoin's recent price action is not occurring in a vacuum. It comes as broader risk assets, including stocks and gold, have shown signs of strength. Both gold and the S&P 500 reached new all-time highs this week, further underscoring the market's recovery from hefty losses in the early part of the year.

Gold, in particular, has seen a remarkable surge, outperforming the S&P 500 by more than double its year-to-date returns. Trading resource The Kobeissi Letter highlighted that in 2024, gold and the S&P 500 had an unprecedented correlation of around 0.81, reflecting the growing connection between these markets.

Bitcoin and Gold: A Diverging Narrative

Despite gold's strong performance, Bitcoin proponents have largely been unimpressed by the yellow metal's rise. Timothy Peterson, a network economist and author of "Metcalfe’s Law as a Model for Bitcoin’s Value," quipped sarcastically, "Gold is at a new all-time high! Congratulations to everyone who has invested in gold these past five years! You have almost doubled your money in that time!"

While gold's market cap crossed $20 trillion for the first time, Bitcoin's advocates remain focused on its unique value proposition as a digital asset with exponential growth potential. With Bitcoin now approaching key technical levels, many are anticipating that it could soon break away from the broader market and make its own run toward new all-time highs.

The Road Ahead: Will $108K Become a Reality?

As Bitcoin continues to build on its recent momentum, all eyes are on the $100,000 level. A break above this threshold could pave the way for the next major price target of $108,000. With a recovery in the broader risk-asset market and growing bullish sentiment around Bitcoin's future, traders and investors alike are watching closely for the next move in this exciting market.

Will Bitcoin hit $108,000? The coming weeks could provide the answer, with the potential for a breakout that could drive cryptocurrency to new heights.