The cryptocurrency world is abuzz as Bitcoin (BTC) continues to hold its ground above the $90,000 threshold. A prominent analyst has highlighted that the possibility of Bitcoin achieving a new milestone of $100,000 is increasingly plausible.
Short-Term Targets for Bitcoin’s Ascent
To reach this ambitious level, the analyst has pinpointed crucial price targets that investors should closely monitor in the near term. Bitcoin is currently eyeing the $95,000 to $100,000 range, contingent upon maintaining its present valuation. This comes after a significant rally following a prolonged nine-month accumulation phase, as observed by RLinda in a TradingView post dated November 16.
Bitcoin’s price analysis reveals the formation of an ascending price channel, signaling strong bullish momentum. RLinda asserts that Bitcoin’s potential for upward movement remains robust, despite a recent dip from its peak, attributed to profit-taking activities.
Bitcoin’s Critical Levels to Monitor
Looking forward, no major fundamental or technical indicators suggest bearish pressure. The expert has identified key resistance levels to watch at $91,650 and $93,250, while support levels are noted at $90,300, $89,200, and $87,500. A breakthrough above $91,650 could spark the next phase of the rally, potentially driving Bitcoin into the $95,000-$100,000 bracket.
Additionally, technical analyst Gareth Soloway has shared his insights on Bitcoin’s price levels, albeit with a cautionary note about the potential for a downturn below $80,000. Soloway analyzed that Bitcoin surged 35% in November, influenced by Donald Trump’s favorable stance on cryptocurrencies and the possible resignation of SEC Chair Gary Gensler.
Soloway highlighted that after a consolidation phase dating back to March 2024—when Bitcoin fell from $74,000 to $49,000—the cryptocurrency made a resurgence by surpassing its previous high of $74,000. This rally has propelled Bitcoin to significant resistance levels between $90,000 and $93,000, aligning with trendlines established in prior years, thus underscoring their importance.
A successful breakout above this zone could pave the way for Bitcoin to aim for $100,000-$101,000, with minimal resistance beyond this point. However, Soloway cautioned that failure to reach these levels could see support retract to $74,000.
Anticipation for Bitcoin’s Six-Figure Milestone
While numerous analysts foresee Bitcoin nearing $100,000, the pressing question remains: When will this level be achieved? Some market observers predict reaching this six-figure mark by the inauguration day in 2025.
On-chain metrics are bolstering the likelihood of this breakout. Data from crypto analyst Ali Martinez, shared on November 16, indicated a surge in Bitcoin buying pressure on Binance, suggesting heightened interest in the asset and hinting at the continuation of the current bullish trend.
Initially reported by Finbold, Martinez noted that Bitcoin has the potential to soar past $250,000 in the current market cycle. He identified a bullish cup-and-handle pattern in Bitcoin’s chart, which could lead to a parabolic rally if supported by fundamental factors.
Bitcoin Price Analysis
As of the latest report, Bitcoin was trading at $90,473, showing a near 3% increase over the past 24 hours. On a weekly scale, BTC has surged by 18%.
Overall, Bitcoin’s technical indicators strongly suggest a potential push towards the $100,000 milestone. However, sustaining this momentum requires Bitcoin to maintain its position above the critical $90,000 support zone.
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