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

Crypto analyst PlanB has defined why the Bitcoin price could by no means drop under $100,000 once more. This comes as market contributors proceed to invest on whether or not the flagship crypto may fall under this psychological degree if a full-blown bear market had been to happen. 

Bitcoin Value Has Seemingly Turned $100,000 Into Help

PlanB said in an X post that he is not going to be stunned if the Bitcoin value doesn’t drop under $100,000 once more because the market witnesses the $100,000 resistance flip into $100,000 help. The analyst additional famous that the September shut was the fifth consecutive month-to-month shut above that psychological value degree. 

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PlanB said that the identical factor occurred when the Bitcoin value was buying and selling at $10,000, $1,000, $100, and $10. The analyst’s remarks got here as he famous that 63% of individuals suppose that Bitcoin will drop under $100,000. Notably, there have been extra requires a drop under $100,000 in the direction of the top of September when BTC dropped to as little as $108,000. Crypto influencer Ansem was amongst those that predicted that the flagship crypto would likely retest $90,000. 

Nonetheless, the Bitcoin value has since staged a exceptional comeback from the $108,000 lows, rallying to a brand new all-time high (ATH) above $126,000 to begin the month. Because of this, BTC is already up 7% to begin the month, with October notably the flagship crypto’s second-best performing month after November, based mostly on historic knowledge. 

It’s value noting that the Bitcoin value has traded above $100,000 since Might 8 and has now been above this psychological degree for over 150 days, its longest streak. In the meantime, market contributors are presently betting that it’ll doubtless keep this fashion. Based on Polymarket data, there’s solely a 25% likelihood that BTC will drop under $100,000 by the top of this 12 months. 

BTC Bull Market Nonetheless On

Crypto analyst Titan of Crypto declared that the crypto market continues to be on and questioned why market contributors had been in a rush to name the highest. The analyst famous that the Stoch Relative Strength Index (RSI) crossovers maintain aligning with power. He added that the chart will inform them when the bull run is over, however for now, that’s not the case. 

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In another analysis, Titan of Crypto revealed that the Bitcoin value continues to print increased highs and better lows. Based mostly on this, he raised the likelihood that BTC may rally to as excessive as $160,000 by the top of the 12 months. This aligns with predictions by JPMorgan and Customary Chartered, which predict that BTC can attain $165,000 and $200,000, respectively, by year-end. 

On the time of writing, the Bitcoin value is buying and selling at round $122,000, up within the final 24 hours, in accordance with data from CoinMarketCap.

Featured picture from Pixabay, chart from Tradingview.com