Bitcoin price is still struggling to break above $90,000, and as the year draws to a close, the $100,000 level seems more like a dream. Sentiment has turned even more negative as the cryptocurrency continues to struggle to break out, and a rally above $100,000 remains unlikely as liquidity declines towards record lows. Nevertheless, some in the community believe that Bitcoin still has the potential for a breakout above this level.
Why Bitcoin price can still regain $100,000 this month
According to a post on X (formerly Twitter) by cryptocurrency analyst Penguin XBT, the price of Bitcoin looks strong going forward. This is because the structure remains incredibly clean and continues to look clean across all time frames, showing more bullish than bearish trends.
Cryptocurrency analysts believe that a recovery is still possible as the price continues to trade within the $86,000 to $89,000 range. However, the chances of going in either direction are still very high and a breakout or breakout could occur from here.
In the event of a breakout, crypto analysts expect Bitcoin prices to exceed $100,000. More importantly, analysts believe this break could still occur this month, with less than two weeks left until the end of the year. The upper bound of this breakout is above $107,000, but there is still significant resistance there.
Conversely, when the price of Bitcoin falls, cryptocurrency analysts I think there are some movements that are not that important.. This will push Bitcoin down to $80,000, but we expect there to be some support at this level.
Technical analysis highlights the fact that Bitcoin price is already on a clear leading diagonal of the first wave. Once this is done, they expect a third wave to be underway that could trigger the next bull market.
“The structure is doing exactly what it's supposed to do. There's no need to rush. Patience over action,” the crypto analyst explained in the post. Therefore, it is only a matter of time before we see how the Bitcoin price moves before it develops a clear trajectory.
Featured image from Dall.E, chart from TradingView.com
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