After crossing its $100,000 milestone, Bitcoin (BTC) recorded its biggest gain in the past month before recovering. Amid the top crypto performance, some analysts have suggested the levels to watch and the next stop for the BTC rally.
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Bitcoin Rally To Continue Above $100,000
On Thursday, Bitcoin hit all-time high (ATH) of $103,600 in a daily jump of 8%. The largest cryptocurrency by market capitalization broke out of a one-month bullish penny and passed the $100,000 barrier for the first time in history.
After the impressive rise, BTC returned to the $98,000 mark before quickly descending to the $90,000 support zone. This 13% correction marks the biggest drop for the major cryptocurrency since the post-election rally began a month ago and prompted about $1 billion in liquidation, the largest since August.
Regardless, Bitcoin quickly regained the $97,000-$98,000 price range, and then retested the previous ATH levels around $99,000 on Friday morning. Noted crypto analyst Ali Martinez noted that BTC's rally appears to be dependent on a major support level.
Martin show up the most important support area for Bitcoin was the $96,870 mark, where more than 1.45 million addresses bought 1.42 million BTC. The analyst explained, “As long as this demand zone holds, BTC will likely continue to march higher.”
In addition, he pointed out that the Bitcoin is local roofs it's not in yet, as these are “typically arrived at around the Short-term Custodian Cost Base + 1 standard deviation.” According to the analyst chart, this level stood at $112,926 at the time of the report, suggesting that BTC could jump another 13% before seeing the first major pullback.
Will BTC repeat its 2017 trend?
The Jelle crypto analyzer sharp found that Bitcoin is still “closely following the Q4 2023 fractal” despite the drop. He suggested that now that the major crypto company “brought out the liquidity on both sides,” it would start to push back to the $100,000 milestone.
Jelle suggested that BTC will be there until Christmas, when he expects a “real breakout” to occur if it continues to follow last year's steps. Additionally, he noted that yesterday's $100,000 candle is similar to BTC's candle when it first crossed the $10,000 mark.
In November 2017, Bitcoin rallied to $10,000 for the first time, hitting the $11,000 range before falling to $8,500. The next day, the largest crypto saw its price get over it from the correction and reaffirmed the $10,000 barrier, eventually turning it into support on the third day.
After that, Bitcoin rallied around 90% in the next few weeks to the $19,000 2017 ATH. Based on this, the analyst suggests that the recent price volatility is “completely normal” and will soon push higher if it repeats history.
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After the recovery, successful BTC reconfirmation the bullish pennant, setting the stage for a six-figure price “once and for all,” Jelle said, with the increase targeting the $130,000 level.
As of this writing, the major crypto traders are trading at $101,050, an increase of 4.7% on the weekly schedule.
Featured image from Unsplash.com, Chart from TradingView.com
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