Bitcoin has recently surged past the $96,000 mark and achieved a historic weekly close at $98,000, marking its highest price ever. This upward trend follows a period of consolidation below the significant psychological level of $100,000. Analysts are closely monitoring Bitcoin’s performance as it approaches this critical threshold, which could either trigger further bullish momentum or lead to a short-term consolidation phase.
CryptoQuant analyst Axel Adler noted that Bitcoin’s recent dip below $95,000 faced strong resistance, indicating robust support levels. Many traders view the current pullback from nearly $100,000 as a healthy pause before potentially breaking through the key $100,000 barrier. Predictions for Bitcoin’s next peak range between $105,000 and $120,000 if it successfully surpasses this milestone.
The recent achievement of an all-time high weekly close at $98,000 not only serves as a technical milestone but also boosts market sentiment. Maintaining prices above this level will be crucial in sustaining momentum toward reaching and exceeding the coveted $100K mark. However, there is also potential for continued sideways movement as Bitcoin consolidates before making its next significant move.
For more details on this analysis and market outlooks regarding Bitcoin’s trajectory towards the critical price point of 100k+, you can read more here.