Why The Bitcoin Price Might Never Drop Below $100,000 Again
Crypto analyst PlanB has defined why the Bitcoin price might by no means drop under $100,000 once more. This comes as market individuals proceed to take a position on whether or not the flagship crypto might fall under this psychological stage if a full-blown bear market have been to happen.
Bitcoin Price Has Likely Turned $100,000 Into Support
PlanB acknowledged in an X post that he is not going to be shocked if the Bitcoin worth doesn’t drop under $100,000 once more because the market witnesses the $100,000 resistance flip into $100,000 assist. The analyst additional famous that the September shut was the fifth consecutive month-to-month shut above that psychological worth stage.
PlanB acknowledged that the identical factor occurred when the Bitcoin worth was buying and selling at $10,000, $1,000, $100, and $10. The analyst’s remarks got here as he famous that 63% of individuals suppose that Bitcoin will drop under $100,000. Notably, there have been extra requires a drop under $100,000 in the direction of the tip of September when BTC dropped to as little as $108,000. Crypto influencer Ansem was amongst those that predicted that the flagship crypto would likely retest $90,000.
However, the Bitcoin worth has since staged a exceptional comeback from the $108,000 lows, rallying to a brand new all-time high (ATH) above $126,000 to begin the month. As a consequence, BTC is already up 7% to begin the month, with October notably the flagship crypto’s second-best performing month after November, based mostly on historic knowledge.
It is price noting that the Bitcoin worth has traded above $100,000 since May 8 and has now been above this psychological stage for over 150 days, its longest streak. Meanwhile, market individuals are at present betting that it’s going to probably keep this manner. According to Polymarket data, there’s solely a 25% likelihood that BTC will drop under $100,000 by the tip of this yr.
BTC Bull Market Still On
Crypto analyst Titan of Crypto declared that the crypto market continues to be on and questioned why market individuals have been in a rush to name the highest. The analyst famous that the Stoch Relative Strength Index (RSI) crossovers maintain aligning with energy. He added that the chart will inform them when the bull run is over, however for now, that’s not the case.
In another analysis, Titan of Crypto revealed that the Bitcoin worth continues to print larger highs and better lows. Based on this, he raised the likelihood that BTC might rally to as high as $160,000 by the tip of the yr. This aligns with predictions by JPMorgan and Standard Chartered, which predict that BTC can attain $165,000 and $200,000, respectively, by year-end.
At the time of writing, the Bitcoin worth is buying and selling at round $122,000, up within the final 24 hours, in keeping with data from CoinMarketCap.