Bitcoin, the pioneer cryptocurrency which is currently hovering around $97,689, showing signs that its consolidation phase may be ending across multiple timeframes. Perhaps, other several factors are aligning in favor of a potential price surge, suggesting Bitcoin could soon reach a new all-time high (ATH).

According to Matthew Dixon, a veteran financial trader, the recent decline in oil aligns perfectly with expectations and may serve as a catalyst for Bitcoin’s next big rally. Crude oil prices have been steadily descending, approaching key support levels. This drop comes at a crucial time when inflation has been a major concern for economies worldwide.

Apart from Bitcoin’s retail demand is showing a strong recovery after a short slowdown. Meanwhile, recent data reveals that retail activity dropped by just 2% in the last 30 days, a much better than the 20% decline seen in January.

Market analysis also suggests that demand is holding up well. Even though Bitcoin is moving within a set price range, retail investors are still actively engaged.

As per the Bitcoin technical analysis, the 1-hour chart signals a short-term bullish trend, with Bitcoin climbing to $98,784 after rebounding from $94,091. Bullish candlestick patterns indicate growing momentum, but the price remains close to key resistance. A breakout above $99,200 could open the door for a push toward the $100,000 mark.

Additionally, strong support from multiple moving averages and sustained bullish momentum on shorter timeframes suggest that surpassing $100,000 could drive Bitcoin even higher, potentially reaching previous highs near $109,356.

Source: COINPEDIA