Bitcoin (BTC), by far the most valuable cryptocurrency, experienced an impressive uptrend in the last three weeks. It is now close to reaching the $100,000 milestone.
Here is what follows Donald Trump’s victory Investor confidence was boosted by the victory of Democratic Party candidate Kamala Harris in the Presidential election, which marked a new beginning for the industry.
It has also led to a greater adoption of this leading crypto by major corporations around the world. strategic reserve asset. The bull run has been boosted by the increased inflows to exchange-traded (ETF) funds.
After its recent 7% price correction, Bitcoin fell to about $91,000. After a recent 7% correction, the Bitcoin price fell to around $91,000. $100,000 barrier The end of the calendar year is approaching.
Important Support at $92,700
Investors are wondering if Bitcoin’s momentum can be sustained after the peak of $99,540 reached last week. selling pressure This will result in further consolidation.
Glassnode co-founders Yann allemann and Jan happel provided some insight into Bitcoin’s possible trajectory, as the month of December draws near. Although they acknowledge the difficulties ahead, the $100 target is still attainable.
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It is not a social media post Allemann and Happel discussed Bitcoin price levels on X, formerly Twitter.
The analysts noted that although Bitcoin was in a bullish trend, the resistance level of $97,200 had yet to be broken. Should this resistance hold firm, a retest of the $92,700 support level—aligned with the Daily 20 Simple Moving Average (SMA)—is likely.
The two co-founders consider this support zone crucial for maintaining a bullish channel, and keeping $100,000 within reach.
Bitcoin Could Surge To $125,000–$140,000 By Year-End
Ali Martinez, a crypto analyst, has also added to this bullish outlook. highlighted Historical trends indicate that Bitcoin typically increases in value after the US Presidential elections.
Martinez speculates that Bitcoin may close the year between $125,000 and $140,000 if the past repeats itself.
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Martinez further pointed out Bitcoin long-term holders took profits when the price rose from $62,000 to $999,000. But he stressed that such profit-taking behaviour is normal during bull market and not a sign to short an asset.
According to the analyst, historical trends show that long-term investors often benefit from price increases, creating profits. short-term volatility It does not, however, necessarily mean that there has been a change in the general market trend.
BTC was trading for $96,500 at the time this article was written, down 0.3% over the last 24 hours and nearly 2% within the previous week.
Chart from TradingView.com, image from DALLE
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Source: www.newsbtc.com
