Bitcoin Rally To Continue If This Level Holds, $110,000 Next Stop?
After crossing the $100,000 milestone, Bitcoin (BTC) recorded its biggest retracement in the past month before recovering. Amid the performance of the flagship cryptocurrency, some analysts have suggested levels to watch and the next stop for Bitcoin’s rally.
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Bitcoin rally set to continue above $100,000
Thursday, Bitcoin beat The latest all-time high (ATH) is $103,600, up 8% daily. The largest cryptocurrency by market cap broke a one-month bullish pennant, surpassing the $100,000 mark for the first time in history.
After an impressive surge, BTC recovered to the $98,000 mark before briefly tumbling towards the $90,000 support area. The 13% correction marked the flagship cryptocurrency’s biggest drop since it began its post-election rally a month ago and triggered a liquidation of about $1 billion, the largest since August.
Nonetheless, Bitcoin soon regained the $97,000 to $98,000 price range before retesting previous ATH levels around $99,000 on Friday morning. Ali Martinez, a well-known cryptocurrency analyst, pointed out that BTC’s rebound appears to depend on key support levels.
Martinez disclose Bitcoin’s most important support area is the $96,870 mark, with more than 1.45 million addresses buying 1.42 million Bitcoins. “As long as this area of demand holds, Bitcoin is likely to continue moving higher,” the analyst explained.
Additionally, he highlighted local Bitcoin top Not yet, as these “generally reach around +1 standard deviation of the short-term holder’s cost basis.” According to the analyst’s chart, this level was at $112,926 at the time of the report, suggesting that BTC could rise another 13% before the first major pullback.
Will BTC repeat the mistakes of 2017?
Cryptocurrency Analyst Jer tip noted that despite Bitcoin’s decline, it still “closely follows the Q4 2023 fractal.” He said that now that the flagship cryptocurrency has “removed liquidity from both sides,” it will start pushing back toward the $100,000 milestone.
Jelle says Bitcoin will remain volatile until Christmas, when he predicts a “real breakout” will happen if the currency continues to follow last year’s pace. Additionally, he pointed out that yesterday’s $100,000 candle was similar to the one when BTC first broke above the $10,000 mark.
In November 2017, Bitcoin first rose to $10,000, hitting the $11,000 range before plummeting to $8,500. The largest cryptocurrency saw its price rise the next day recover The $10,000 mark was retested from the correction, eventually turning it into support on the third day.
Since then, Bitcoin has risen around 90% in the following weeks, reaching 2017 levels of $19,000. Accordingly, analysts say recent price swings are “completely normal” and if history repeats itself, prices will soon move higher.
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BTC successful after recovery Retest Jelle said the bullish pennant sets the stage for a “set and forget” six-figure price, with an upside target of $130,000.
As of writing, the flagship cryptocurrency is trading at $101,050, up 4.7% from the weekly time period.
Featured image from Unsplash.com, chart from TradingView.com
