Here Are The Major Bitcoin Support Levels To Watch As Bulls Push For $100,000 Again
27 December 2024 - 3:00AM
NEWSBTC
Crypto analyst Trade PSH has revealed the major Bitcoin support
levels to watch out for as BTC bulls push for a rally to the
psychological $100,000 level. The analyst also mentioned what price
levels Bitcoin could reach in the short term as it breaks above
$100,000. Bitcoin Support Levels To Watch Out For As Bulls
Push For $100,000 In a TradingView post, Trade PSH stated that the
local maximum is $99,450 as bulls are repeatedly trying to push the
price above $100,000. The crypto analyst also mentioned that the
nearest key support zone comes in between $95,000 and $96,600. This
aligns with a recent Bitcoinist report that highlighted the $96,000
level as a crucial support zone. Related Reading: Possible
Deep Correction Could Push Cardano Price To $0.43, Here’s How While
the Bitcoin price is moving above this support zone, Trade PSH
stated that the primary scenario is continued growth for the
flagship crypto. If Bitcoin maintains an uptrend and eventually
breaks above the psychological $100,000 level, the crypto analyst
predicts that the intermediate growth target is between $102,000
and $102,757. Based on the current price action, the analyst
suggested that Bitcoin could rally to $108,366. This would mark a
new all-time high (ATH) for the flagship crypto, as its current ATH
is $108,268. Meanwhile, Trade PSH mentioned that a drop below
$94,300 would invalidate this trade setup. The analyst’s
accompanying chart showed that the Bitcoin price could break above
$100,000 and reach these short-term targets before the year ends.
While that remains to be seen, it is worth mentioning that January
2025 provides a bullish outlook for the flagship crypto.
Pro-crypto Donald Trump is set to take office on January 20, which
could lead to the creation of the Strategic Bitcoin Reserve.
Historically, Bitcoin also enjoyed a price recovery in January 2021
of the last bull run. As such, history could repeat itself
again. BTC Is Heading Higher In an X post, crypto analyst
Titan of Crypto also provided a bullish outlook for the Bitcoin
price, stating that the flagship crypto is heading higher. His
accompanying chart showed that Bitcoin could rally to as high as
$158,000 by May 2025. The chart also showed a price target above
$220,000, suggesting that the flagship crypto could rally even
higher. Related Reading: Ethereum Price Prediction: Inverse
Head And Shoulders Pattern Says ETH Will Touch $12,000 Titan of
Crypto alluded to a bullish pennant, which he suggested was still
in play for the Bitcoin price. This massive bull pennant is forming
in the monthly timeframe, and if it plays out, the crypto analyst
is confident that Bitcoin will enjoy a parabolic rally to this
price target. At the time of writing, the Bitcoin price is
trading at around $98,100, down in the last 24 hours, according to
data from CoinMarketCap. Featured image created with Dall.E,
chart from Tradingview.com
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