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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Attempt To Dip Below $96K ‘Led To Nothing’ – Analyst Expects $100K Soon

Sebastian Villafuerte
Sebastian Villafuerte
10 months ago
3 mins read
Bitcoin Attempt To Dip Below $96K ‘Led To Nothing’ – Analyst Expects $100K Soon

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Bitcoin has been on a remarkable upward trajectory, pushing above the $96,000 mark for several days after consolidating below the psychological $100,000 level. As the leading cryptocurrency, Bitcoin has consistently broken all-time highs over the past three weeks, with yesterday marking a milestone weekly close at $98,000—the highest in its history. 

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CryptoQuant analyst Axel Adler shared an insightful analysis on X, emphasizing that Bitcoin’s recent attempt to dip below $95,000 met with significant resistance, reinforcing the strength of current support levels. According to Adler, the market is now poised for a critical test of the $100,000 mark, a barrier that could catalyze further bullish momentum or signal a short-term consolidation phase.

With Bitcoin’s bullish trajectory showing no signs of slowing, traders and investors are closely watching for a breakout above $100,000. Such a move could ignite broader market optimism and drive renewed interest in altcoins, potentially shaping the next phase of the crypto market’s growth. However, failure to break above this key level might trigger a healthy correction, setting the stage for a more sustainable rally.

Bitcoin Price Action Remains Strong

Bitcoin’s price action has remained exceptionally bullish despite a recent retrace from $99,800 to $95,800—a minor dip of less than 4%. Investors widely see this pullback as a brief consolidation phase before a potential breakout above the pivotal $100,000 mark. 

The resilience demonstrated during this retrace has bolstered confidence among market participants, with many viewing it as a healthy pause in an ongoing uptrend.

Renowned CryptoQuant analyst Axel Adler weighed in on the recent market movements via X, sharing a technical analysis that reinforces Bitcoin’s robust bullish structure. Adler highlighted that pushing BTC to lower demand levels was unsuccessful, further solidifying current support zones. 

BTC Hourly High, Low, Median, Volume and 24H Change Analysis
BTC Hourly High, Low, Median, Volume, and 24H Change Analysis | Source: Axel Adler on X

According to his insights, the stage is now set for Bitcoin to finally test the critical $100,000 area and gauge the market’s reaction at this psychological threshold. As BTC approaches this milestone, investor sentiment appears divided. Many traders view the $100,000 level as an ideal price to begin taking profits, citing historical patterns of pullbacks after significant round-number milestones. 

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However, others remain optimistic about Bitcoin’s continued strength, forecasting a potential surge beyond $100,000. Predictions for the rally’s peak range between $105,000 and $120,000, reflecting a broader belief in the cryptocurrency’s long-term potential. Whether Bitcoin consolidates or continues climbing, all eyes remain on its next moves.

Bullish Weekly Close Could Send BTC Higher

Bitcoin has achieved its highest weekly close in history, recording an impressive $98,000. This milestone is a technical achievement and a critical psychological boost for market participants. It signals a strong bullish environment that could soon propel Bitcoin above the coveted $100,000 mark.

BTC highest weekly close ever
BTC highest weekly close ever | Source: BTCUSDT Chart on TradingView

The $98,000 level now serves as a robust support zone, and maintaining this price—or at least staying above $95,000—in the coming days will be pivotal. A breakout above these levels could propel Bitcoin towards $100,000 with significant momentum. Such a move would solidify Bitcoin’s uptrend and attract further interest from retail and institutional investors.

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However, continued consolidation below $100,000 remains a possibility. Bitcoin may take several weeks of sideways movement to gather the strength needed for the next leg up. While potentially frustrating for short-term traders, this consolidation phase would provide a healthy foundation for sustainable growth. 

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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