Can Bitcoin hit $100,000? One analyst thinks so, but it hinges on a key price point.
The $96,400 Hurdle
A popular crypto analyst, Rekt Capital, believes Bitcoin’s next big move depends on whether it can hold the $96,400 support level. Successfully reclaiming this level could pave the way for a surge towards – and potentially beyond – the $100,000 mark.
Why $96,400 Matters
Rekt Capital points to several reasons why $96,400 is so important:
- Lower Highs as Support: Bitcoin has repeatedly tested lower highs (each high point lower than the last), a typical sign of a downtrend. However, the fact that these lower highs are now acting as support suggests a potential market shift and price stabilization.
- Longer Downside Wicks: The price has dipped significantly at times, but buyers have consistently stepped in, creating longer “wicks” on the price chart. This indicates buying pressure at lower prices.
- Liquidity Grabs: Bitcoin is “grabbing liquidity” – meaning it’s dipping into price levels where many buy orders are waiting, allowing large investors to execute trades.
As long as this pattern continues, Rekt Capital predicts Bitcoin will climb back above $96,400, potentially opening the door to $100,000.
The Bearish Scenario
However, there’s a downside. If Bitcoin fails to hold $96,400, things could get worse:
- Retest of $91,070: A failure to hold $96,400 could lead to a retest of the $91,070 support level.
- Potential Crash to $87,325: Breaking below $91,070 could trigger a more significant drop to around $87,325 – a drop of over 10% from the current price.
Essentially, $96,400 is a make-or-break point for Bitcoin’s short-term trajectory. Holding above it could signal a bullish run towards $100,000; falling below it could lead to further price declines. At the time of writing, Bitcoin is trading slightly above $96,700.
