Bitcoin (BTC), the flagship crypto asset, presently trades above $104,000 following a significant 10.98% price rally in the last week. Despite recent sideways movements after a rejection in the $105,700 zone, certain trading indicators signal this uptrend is likely to continue leading to new price discovery.

Bitcoin Growth Hinges On Two Critical Resistance Levels

In a recent post on X, renowned crypto analyst Burak Kesmeci shared an interesting forecast on the BTC market based on the Bitcoin Gold Ratio Multiplier.

As the name implies, the Bitcoin Gold Ratio Multiplier measures the relation between BTC’s price and the value of gold, offering a perspective on market sentiment and price momentum.  It is used to assess the valuation of BTC relative to gold and can also identify potential mean reversion points by leveraging historical relationships and trends between both assets.

According to Kesmeci, the Bitcoin Gold Ratio Multiplier has pinpointed $111,000 as the next major resistance level for the premier cryptocurrency due to historical trading patterns. Therefore, investors should anticipate a major price pullback as BTC approaches this price zone. However, strong market catalysts such as a strong institutional demand aa currently seen may sustain a price rally beyond this resistance. 

On either side, this prediction indicates that Bitcoin potentially has more room to run despite recently facing rejection at $105,700. In addition, the current uptrend is likely to push BTC past its current all-time high of $108,268 leading to uncharted price zones.

While $111,000 is seen as a critical short-term hurdle, the Bitcoin Gold Ratio Multiplier also identifies a long-term resistance at $139,000 represented by a red trend line. 

In this context, the red trend level represents the line separating the current bull market phase from ah explosive growth phase. Burak Kesmeci postulates that the “real fun” will start if BTC bulls can push past $139,0

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Author: Semilore Faleti