With the price of Bitcoin still struggling to break $90,000, the $100,000 level seems like a dream as the year is quickly coming to an end. With the cryptocurrency’s ongoing struggle to break through, sentiment has sunk further into the negative and liquidity has fallen to all-time lows, the chances of a rebound above $100,000 remain slim. Nonetheless, there are those in the community who believe Bitcoin can still break above this level.
Why Bitcoin Price Could Still Recover $100,000 This Month
Bitcoin price still looks good, according to a post by cryptocurrency analyst The Penguin XBT on X (formerly Twitter). This is because the structure is incredibly clean and continues to look clean across all time periods, showing more bullish trends than bearish.
As the price continues to trade within the $86,000-$89,000 range, the cryptocurrency analyst believes there is still potential for a recovery. However, the chances of it going either way are still quite high and a breakout or breakdown could occur here.
If a breakout occurs, cryptocurrency analysts see Bitcoin price rising above $100,000. More importantly, analysts believe this disruption could also occur this month, with less than two weeks left until the end of the year. The top of this breakout is above $107,000, where there is still significant resistance.
On the other hand, if the price of Bitcoin falls, cryptocurrency analysts See less important movements. This will push Bitcoin as low as $80,000, but some support is expected at this level.
Technical analysis highlights the fact that Bitcoin price has already formed a clear upward diagonal of the first wave. Once this analysis is complete, they expect a third wave to develop, which could trigger the next upward move.
“The structure is doing exactly what it is supposed to do. Don’t rush. Patience is more important than action,” the cryptocurrency analyst explained in the post. Therefore, it is only a matter of time before we see how the Bitcoin price moves before charting a clear trajectory.
Featured image by Dall.E, chart by TradingView.com
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