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The price of Bitcoin (BTC), as it attempts to break through its weekly range, is aiming at the critical $99,000 – $100,000 resistance barrier. This has fueled an investor’s bullish mood. Analysts predict that Bitcoin’s next crypto all-time highest (ATH) rally could be around the corner. Some even suggest that it may happen in the near future.
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Bitcoin’s price has increased by over 50% in the last two weeks. recovered From its sub-$80,000 corrective, breaking over the $90,000. Reclaiming the resistance of $93,5000 to enter its post-US election price range.
In the last few weeks, BTC has moved sideways in the $93,000-96,000 range. BTC broke out of its range at the start of each month after having been compressed for this period. Its performance is similar to that from just two weeks prior.
Analyst Daan Crypto Trades said that BTC soared from the $73,000 to $86,000 range during mid-April’s recovery. The price then settled for a few days before breaking out by a mere 2% toward $87500. It was then followed by a 2-day “tight chop” A breakout into a higher range.
Bitcoins are displayed on a screen, he said “a similar setup as the week before” As it ranged, compressed and increased within the $93,000-96,000 area and rose around 2% at the $97700 mark.
The largest cryptocurrency by market capitalization is also “tight chop” phase The price of the car has fluctuated between $97.050 and $97.700 over the past several hours.
BTC could retest the $99,000 to $100,000 range in the next few days if it replicates the recent performance.
BTC Resembles Q4 2024 Price Action
Analyst Rekt capital suggested Bitcoin’s Q4 performance in 2024 could be repeated. He highlighted BTC is recovering from its downward deviation, reclaiming its recent reaccumulation zone. But it faces a low high resistance inside this area.
The most notable aspect of the cryptocurrency The same thing happened in the post-halving range of re-accumulation. Initially, the price was rejected at the lower high and fell to the lows. The lower high was re-established as support and Bitcoin rose to a higher ATH a few weeks later.
Analyst noted that this idea was explored first before the US Election Pump, suggesting BTC could replicate its Q1 rally in 2024, fuelled by US Bitcoin Exchange-Traded Funds.
“It would be poetry if Bitcoin repeated history and followed through on the same path in this current Range as well,” He said.
Rekt Capital explains that, for Bitcoin to have a similar history, it must be rejected again at $99,000. It also states that the support level of $93,500 is needed, as well as the ability to break through the $97,000-$99,000 zone before the $104,500 barrier.
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If the crypto is still holding the range of $97,000 to $99,999 as support then it could be a breakout similar to the new ATHs.
The analyst concluded If Bitcoin holds the $93,500 level, it will position itself to be in a range of re-accumulation. BTC still has to break through its “black Lower High resistance within this Range, which is positioned at ~$99k this week.”
Bitcoin is currently trading at $96,461, which represents a 3 % increase on a weekly basis.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
