Here Are The Major Bitcoin Support Levels To Watch As Bulls Push For $100,000 Again
Cryptocurrency analyst Trade PSH reveals key Bitcoin support levels to watch as BTC bulls drive rebound Psychological $100,000 Level. The analyst also mentioned what price levels Bitcoin might reach in the short term when it breaks $100,000.
Bitcoin support levels to watch as bull market pushes towards $100,000
in a Transaction View PostTrade PSH said the local high was $99,450 as bulls kept trying to push the price above $100,000. The cryptocurrency analyst also mentioned that the nearest key support area lies between $95,000 and $96,600. This is consistent with a recent Bitcoinist report, which highlighted $96,000 level as an important support area.
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Although Bitcoin price is breaking out of this support area, Trade PSH said that the main story is the continued growth of the flagship cryptocurrency. If Bitcoin maintains its uptrend and finally breaks through psychological levels $100,000 levelCryptocurrency analysts predict intermediate growth targets between $102,000 and $102,757.
Based on current price action, analysts believe Bitcoin could rise to $108,366. This will mark a new All Time High (ATH) For the flagship cryptocurrency, its current ATH is $108,268. Meanwhile, Trade PSH mentioned that a drop below $94,300 would invalidate this trade setup.
The analyst’s accompanying chart shows that Bitcoin price could break through $100,000 and reach these short-term targets before the end of the year. While this remains to be seen, it is worth mentioning that January 2025 offers a bullish outlook for the flagship cryptocurrency.
pro-encryption Donald Trump Will take office on January 20, which may lead to the creation of the Bitcoin Strategic Reserve. Historically, Bitcoin also experienced a price recovery in January 2021 during the last bull run. Therefore, history may repeat itself again.
Bitcoin is moving higher
In X post, crypto analyst crypto titan It also gave a bullish outlook on Bitcoin prices, saying the flagship cryptocurrency is headed higher. The chart he attached shows that Bitcoin could rise to $158,000 by May 2025. The chart also shows price targets above $220,000, suggesting the flagship cryptocurrency could rise even higher.
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Crypto Titan mentioned bullish pennanthe believes this still has an impact on Bitcoin prices. This massive bull pennant is forming on the monthly timeframe, and if it happens, crypto analysts believe Bitcoin will enjoy a parabolic rally towards this price target.
As of this writing, Bitcoin is trading around $98,100, having fallen in the past 24 hours, according to the data data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
