Bitcoin Nears $90,000: Analyst Says $100K Hype Could Trigger a Dip Back to $75K

Share This Post

Bitcoin (BTC) Price Aims for $84k

The post Bitcoin Nears $90,000: Analyst Says $100K Hype Could Trigger a Dip Back to $75K appeared first on Coinpedia Fintech News

Bitcoin’s price has seen volatility and rapid gains, especially following notable political events. For instance, the night Donald Trump secured his victory in the 2024 election, Bitcoin surged to an all-time high of $75,000. Since then, it has continued to climb, reaching a peak of $88,000—marking a massive rally in the cryptocurrency market.

A Contrarian Play or the Start of a New Bull Market?

Despite the initial speculation that Bitcoin’s price spike following Trump’s victory might represent a “buy the rumor, sell the news” scenario, the market has defied expectations. Rather than selling off, Bitcoin has continued its upward momentum. At the time of writing, Bitcoin’s price stands at $88,800, signaling that the market may be pricing in further gains, rather than a pullback.

This situation is indicative of Bitcoin’s continued status as a high-risk asset, moving in tandem with the broader stock market. According to Gareth Soloway, Chief Market Strategist of Verified Investing.com, Bitcoin is likely to continue trading alongside risk assets, including stocks. In an interview with David Lin, he said that as long as the stock market remains strong, Bitcoin is likely to see upward pressure as well.

Technical Analysis: Bitcoin’s Trajectory

Looking at Bitcoin’s price chart, we can see a consistent upward trend since the summer of 2023. While there has been some consolidation, Bitcoin is now trading within a bullish channel. He said that if Bitcoin maintains this pattern, the cryptocurrency could continue its rise—potentially reaching $100,000 in the coming months.

Soloway points out that there may be pullbacks along the way, particularly around key levels of resistance. For example, $86,000 seems to be an important level where profit-taking could occur. If Bitcoin hits this price, it may face a brief correction back toward the $74,000 range before continuing its upward trajectory.

What to Expect in the Coming Months

Looking at Bitcoin’s current chart, it’s clear that the cryptocurrency is in a phase of bullish consolidation. This typically indicates that after a period of sideways movement, Bitcoin could make another strong upward move. The next few months will likely be crucial in determining whether Bitcoin can push past $100,000 or face a retracement.

In terms of downside risk, the first major support level for Bitcoin is around the $74,000 mark. If Bitcoin fails to hold this level, it could face further declines to the $58,000 range, where the next significant support lies.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

ADA On Fire: Cardano 80% Surge Sparks 1,700% Bullish Forecast

Renowned for its emphasis on sustainability and scalability, the blockchain platform Cardano has seen a notable increase recently ADA, its native token, is surging nearly 80% in the last week, to the

Solana Prepares for a Solid Rebound as Buyers Defend Support Levels: Will SOL Price Hold Above $200?

The post Solana Prepares for a Solid Rebound as Buyers Defend Support Levels: Will SOL Price Hold Above $200 appeared first on Coinpedia Fintech News Solana has become a preferred option for many

Bitwise CIO believes investors are ‘still early’ until Bitcoin reaches $500k

Bitwise CIO Matthew Hougan believes that investors are “still early” until Bitcoin (BTC) claims the  $500,000 price zone for Bitcoin (BTC) In a recent investor note, Hougan highlighted

Will Trump Make Bitcoin America’s Reserve Currency? Polymarket Bettors Say Maybe

Donald Trump’s potential move to establish a national bitcoin reserve sparks interest on Polymarket Polymarket Users Place Bets on US Bitcoin Reserve In an interesting turn, Polymarket, a

BONK Price Poised for a 75% Rally, Complete Insights

The post BONK Price Poised for a 75% Rally, Complete Insights appeared first on Coinpedia Fintech News In the realm of bullish market sentiment, Bonk (BONK), a Solana-based popular meme coin, turned

Altcoin Correction: Why FET, BTT, and MATIC Are Worth Buying!

The post Altcoin Correction: Why FET, BTT, and MATIC Are Worth Buying! appeared first on Coinpedia Fintech News Story Highlights The FET price hints at a 60% jump with a bullish reversal