The Bitcoin price soared to a new all-time high of $89,940 on Binance on Tuesday, fueled by market excitement over Donald Trump’s victory in the US presidential election. The surge comes as Trump has promised to establish a national Bitcoin reserve and has even considered using Bitcoin to pay down the US national debt.
Bitcoin Price Targets $102,000
Amid this bullish atmosphere, pioneering Bitcoin on-chain analyst Willy Woo (@woonomic) provided insights into Bitcoin’s potential next moves via X. He identified key price levels, stating that after reaching the $88,000 to $91,000 range, the next target is $102,000.
“When BTC breaks into all-time-highs, there’s no prior history of resistances for the market to trade around. This means price goes into unfettered price discovery, expect wild swings,” Woo explained via X.
He highlighted two methods for identifying new resistance levels in such scenarios: Fibonacci bands, which use natural mathematical sequences, and real liquidation levels of market positions. He noted that the $88,000 to $91,000 range was the first target—now achieved—and suggested that consolidation should occur there.
“$88-91k was the first target. We hit it. Consolidation should happen here. This is both from local fib levels and liquidation levels where most of the shorts have been taken out, it’s the end of compulsory buying from short sellers getting culled,” Woo remarked.
He added that “$102k is the next macro fib, using last cycle high and this cycle low,” referring to the next significant Fibonacci retracement level. “Let’s see where new liquidations cluster around, but for now, that’s our next target based on fibs.”
Woo also touched on the Chicago Mercantile Exchange (CME) gap—a price gap in Bitcoin futures that often appears over weekends or trading halts. A user named Bill O’Rights (@ajdavault) asked about its potential impact: “What about the CME gap?”
Woo responded that if the CME gap plays out, it would be part of the consolidation phase. “88-91k was the target price to hit before engaging a cool-o
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Author: Jake Simmons
