Bitcoin (BTC) is hanging out in the same price range it’s been in for the past week. After a dip to $91,000, it bounced back but hasn’t managed to break above $98,000. Analysts are saying things will stay pretty much the same until it gets back above that level and starts building some serious upward momentum.
Bitcoin’s Price: Stable, But Can It Reach $101,000?
Since the market correction at the start of February, Bitcoin’s been trading between $96,000 and $99,000. It recovered from a brief drop to $91,000 and only lost 2% this past Sunday. Since the US election, it’s been bouncing around between $90,000 and $108,000, spending most of its time in the middle of that range.
One analyst, Rekt Capital, noted Bitcoin’s positive performance, highlighting its stability above a key support line. While there have been some quick upward spikes that didn’t last, Bitcoin has consistently held this support. Rekt Capital believes that as long as this support holds, Bitcoin is poised to revisit $101,000. To get there, though, it needs to reclaim the $97,700 mark and hold it as support. A daily close above this level is key.
The Bigger Picture: Short-Term Neutral, Long-Term Bullish
Another analyst, Daan Crypto Trades, points out that Bitcoin’s price range hasn’t changed much, unlike many other cryptocurrencies which have been falling. Bitcoin is consolidating, trying to break out. If it reclaims last week’s high above $100,000, the overall market sentiment will shift. Daan sees the short-term momentum as neutral but bullish in the longer term. He expects investor confidence to return once Bitcoin starts making significant price gains again.
Rekt Capital also predicts a second major price increase in the coming weeks, as Bitcoin tries to recover from a correction that began in December. Historically, Bitcoin has seen a significant price surge around the 16th week after its halving, suggesting another big run could be on the horizon. February has also historically been a good month for Bitcoin. Many analysts expect strong performance in Q1, with momentum building through February and March.
As of now, Bitcoin is trading around $96,091, down slightly for the day.
