Bitcoin Attempt To Dip Below $96K Led To Nothing Analyst Expects $100K Soon
Bitcoin has been on a remarkable upward trajectory, pushing above the $96,000 mark for several days after consolidating below the psychological $100,000 level. As the leading cryptocurrency, Bitcoin has consistently broken all-time highs over the past three weeks, with yesterday marking a milestone weekly close at $98,000the highest in its history.
CryptoQuant analyst Axel Adler shared an insightful analysis on X, emphasizing that Bitcoins recent attempt to dip below $95,000 met with significant resistance, reinforcing the strength of current support levels. According to Adler, the market is now poised for a critical test of the $100,000 mark, a barrier that could catalyze further bullish momentum or signal a short-term consolidation phase.
With Bitcoins bullish trajectory showing no signs of slowing, traders and investors are closely watching for a breakout above $100,000. Such a move could ignite broader market optimism and drive renewed interest in altcoins, potentially shaping the next phase of the crypto markets growth. However, failure to break above this key level might trigger a healthy correction, setting the stage for a more sustainable rally.
Bitcoin Price Action Remains Strong
Bitcoins price action has remained exceptionally bullish despite a recent retrace from $99,800 to $95,800a minor dip of less than 4%. Investors widely see this pullback as a brief consolidation phase before a potential breakout above the pivotal $100,000 mark.
The resilience demonstrated during this retrace has bolstered confidence among market participants, with many viewing it as a healthy pause in an ongoing uptrend.
Renowned CryptoQuant analyst Axel Adler weighed in on the recent market movements via X, sharing a technical analysis that reinforces Bitcoins robust bullish structure. Adler highlighted that pushing BTC to lower demand levels was unsuccessful, further solidifying current support zones.
According to his insights, the stage is now set for Bitcoin to finally test the critical $100,000 area and gauge the markets reaction at this psychological threshold. As BTC approaches this milestone, investor sentiment appears divided. Many traders view the $100,000 level as an ideal price to begin taking profits, citing historical patterns of pullbacks after significant round-number milestones.
However, others remain optimistic about Bitcoins continued strength, forecasting a potential surge beyond $100,000. Predictions for the rallys peak range between $105,000 and $120,000, reflecting a broader belief in the cryptocurrencys long-term potential. Whether Bitcoin consolidates or continues climbing, all eyes remain on its next moves.
Bullish Weekly Close Could Send BTC Higher
Bitcoin has achieved its highest weekly close in history, recording an impressive $98,000. This milestone is a technical achievement and a critical psychological boost for market participants. It signals a strong bullish environment that could soon propel Bitcoin above the coveted $100,000 mark.
The $98,000 level now serves as a robust support zone, and maintaining this priceor at least staying above $95,000in the coming days will be pivotal. A breakout above these levels could propel Bitcoin towards $100,000 with significant momentum. Such a move would solidify Bitcoins uptrend and attract further interest from retail and institutional investors.
However, continued consolidation below $100,000 remains a possibility. Bitcoin may take several weeks of sideways movement to gather the strength needed for the next leg up. While potentially frustrating for short-term traders, this consolidation phase would provide a healthy foundation for sustainable growth.
Featured image from Dall-E, chart from TradingView
Text source: NewsBTC
