Bitcoin’s Next Big Move: Will it Hit $100,000?

Analysts are buzzing about Bitcoin’s potential to break the $100,000 mark, and they’re pointing to some key price levels to watch.

Key Support Levels

Trade PSH, a crypto analyst, highlighted some important support levels for Bitcoin. The immediate area to watch is between $95,000 and $96,600. If Bitcoin stays above this range, the outlook is positive. A local high around $99,450 is also a significant level. Breaking below $94,300, however, could signal a change in trend.

Potential Targets Above $100,000

If Bitcoin successfully surpasses $100,000, Trade PSH predicts a short-term rally to between $102,000 and $102,757. A more ambitious prediction suggests a potential surge to $108,366, which would set a new all-time high. This could happen before the end of the year, according to the analyst’s chart.

Long-Term Bullish Outlook

Interestingly, January 2025 is seen by some as a potentially bullish month for Bitcoin. The incoming pro-crypto administration might introduce a “Strategic Bitcoin Reserve,” and historical price action in January 2021 (during the last bull run) also points to potential upside.

Another Analyst’s Prediction

Another analyst, Titan of Crypto, is also very bullish. Their chart suggests Bitcoin could reach $158,000 by May 2025, with a possible even higher target above $220,000 based on a “bullish pennant” pattern.

Current Price and Conclusion

At the time of writing, Bitcoin is trading slightly below $100,000. While the predictions are exciting, it’s important to remember that the cryptocurrency market is highly volatile, and these are just predictions, not guarantees.