Bitcoin Could See A Weekend Rally To $100,000 – Is BTC Ready For New Highs?

As Bitcoin (BTC) attempts to interruption retired from its play range, its terms eyes the important $99,000-$100,000 absorption barrier, fueling bullish sentiment among investors. Multiple analysts forecast that the flagship’s crypto adjacent all-time precocious (ATH) rally is astir the corner, with immoderate suggesting that the archetypal leap could travel successful the coming days.

Bitcoin To $100,000 This Weekend?

Over the past 2 weeks, Bitcoin has recovered from its sub-$80,000 correction, breaking supra the $90,000 people and reclaiming the $93,5000 absorption to re-enter its post-US elections terms range.

Amid its recovery, the cryptocurrency consolidated betwixt the $93,000-$96,000 range, moving sideways for the past weeks. The start-of-month pump has seen BTC interruption retired of this scope aft being compressed during this period, resembling its show from 2 weeks ago.

Analyst Daan Crypto Trades explained that BTC surged to the $83,000-$86,000 portion during the mid-April recovery, consolidating for implicit a week earlier a tiny 2% breakout toward the $87,500 resistance. This was followed by a two-day “tight chop” and a breakout to a caller higher range.

Bitcoin’s “small breakout” from this week’s range. Source: Daan Crypto Trades connected X

He suggested that Bitcoin displays “a akin setup arsenic the week before” arsenic it has ranged and compressed wrong the $93,000-$96,000 portion and jumped astir 2% to the $97,700 mark.

Additionally, the largest crypto by marketplace capitalization’s “tight chop” phase could person started arsenic its terms has hovered betwixt $97,050 and $97,700 for the past fewer hours.

If BTC replicates its caller performance, the flagship crypto could rally astir 8% toward a caller scope astatine the extremity of the play and retest $99,000-$100,000 successful the coming days.

BTC Resembles Q4 2024 Price Action

Meanwhile, expert Rekt Capital suggested that Bitcoin could repetition its Q4 2024 performance. He highlighted that BTC has recovered from its downside deviation to reclaim its caller re-accumulation range, but it’s facing a little precocious absorption wrong this zone.

Notably, the cryptocurrency experienced the aforesaid concern successful the post-halving re-accumulation range, initially rejected from the little precocious to autumn to the range’s lows. Weeks later, Bitcoin broke supra the little precocious resistance, restesting it arsenic enactment earlier breaking retired and soaring to a caller ATH.

The expert noted that the thought was archetypal explored earlier the US predetermination pump, suggesting that BTC could mimic its Q1 2024 rally, fueled by the US spot Bitcoin Exchange-Traded Funds (ETFs).

BTC’s show resembles Q4 2024. source: Rekt Capital connected X

“It would beryllium poesy if Bitcoin repeated past and followed done connected the aforesaid way successful this existent Range arsenic well,” helium stated.

However, Rekt Capital elaborate that for past to repeat, Bitcoin indispensable get rejected astatine $99,000, clasp the $93,500 people arsenic support, and interruption the $97,000-$99,000 scope earlier being rejected astatine the $104,500 resistance.

Then the flagship crypto would request to clasp the $97,000-$99,000 scope arsenic enactment for a akin breakout to caller ATHs.

The expert concluded that if Bitcoin continues holding the $93,500 mark, the terms volition beryllium positioned to determination crossed its re-accumulation range. Nonetheless, BTC indispensable interruption its “black Lower High absorption wrong this Range, which is positioned astatine ~$99k this week.”

As of this writing, Bitcoin trades astatine $97,461, a 3% summation successful the play timeframe.

Bitcoin’s show successful the one-week chart. Source: BTCUSDT connected TradingView

Featured Image from Unsplash.com, Chart from TradingView.com