Why The Bitcoin Price Might Never Drop Below $100,000 Again

4 hours ago

Crypto expert PlanB has explained wherefore the Bitcoin price whitethorn ne'er driblet beneath $100,000 again. This comes arsenic marketplace participants proceed to speculate connected whether the flagship crypto could autumn beneath this intelligence level if a full-blown carnivore marketplace were to occur.

Bitcoin Price Has Likely Turned $100,000 Into Support

PlanB stated successful an X post that helium volition not beryllium amazed if the Bitcoin terms does not driblet beneath $100,000 again arsenic the marketplace witnesses the $100,000 resistance crook into $100,000 support. The expert further noted that the September adjacent was the 5th consecutive monthly adjacent supra that intelligence terms level.

PlanB stated that the aforesaid happening happened erstwhile the Bitcoin terms was trading astatine $10,000, $1,000, $100, and $10. The analyst’s remarks came arsenic helium noted that 63% of radical deliberation that Bitcoin volition driblet beneath $100,000. Notably, determination were much calls for a driblet beneath $100,000 towards the extremity of September erstwhile BTC dropped to arsenic debased arsenic $108,000. Crypto influencer Ansem was among those who predicted that the flagship crypto would apt retest $90,000.

However, the Bitcoin terms has since staged a singular comeback from the $108,000 lows, rallying to a caller all-time precocious (ATH) supra $126,000 to commencement the month. As a result, BTC is already up 7% to commencement the month, with October notably the flagship crypto’s second-best performing period aft November, based connected humanities data.

It is worthy noting that the Bitcoin terms has traded supra $100,000 since May 8 and has present been supra this intelligence level for implicit 150 days, its longest streak. Meanwhile, marketplace participants are presently betting that it volition apt enactment this way. According to Polymarket data, determination is lone a 25% accidental that BTC volition driblet beneath $100,000 by the extremity of this year.

BTC Bull Market Still On

Crypto expert Titan of Crypto declared that the crypto marketplace is inactive connected and questioned wherefore marketplace participants were successful a unreserved to telephone the top. The expert noted that the Stoch Relative Strength Index (RSI) crossovers support aligning with strength. He added that the illustration volition archer them erstwhile the bull tally is over, but for now, that is not the case.

In another analysis, Titan of Crypto revealed that the Bitcoin terms continues to people higher highs and higher lows. Based connected this, helium raised the anticipation that BTC could rally to arsenic precocious arsenic $160,000 by the extremity of the year. This aligns with predictions by JPMorgan and Standard Chartered, which foretell that BTC tin scope $165,000 and $200,000, respectively, by year-end.

At the clip of writing, the Bitcoin terms is trading astatine astir $122,000, up successful the past 24 hours, according to data from CoinMarketCap.