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Bitcoin (BTC), the largest cryptocurrency by market cap, has seen a notable upward trend over the past three weeks, approaching the elusive level of $100,000.
This follows Donald Trump wins In the presidential election over Democratic Party candidate Kamala Harris, boosting investor confidence in a new era for the broader industry.
This has led to increased adoption of leading cryptocurrencies, with major companies around the world adopting them as a cryptocurrency Strategic reserve assets. Additionally, inflows into exchange-traded funds (ETFs) increased, further contributing to the rally.
However, after the recent 7% correction, Bitcoin price fell to around $91,000. It then regained the $96,000 level, raising questions about its ability to break through the psychological level $100,000 barrier Before the end of the year.
Cash support at $92,700
The price peak of $99,540 achieved last week has left investors wondering whether or not Bitcoin will be able to maintain its momentum. Selling pressure It will lead to greater uniformity.
Despite the uncertainty, Glassnode co-founders Jan Aleman and Jan Hubel provided insight into Bitcoin’s likely path heading into December. They acknowledge the challenges ahead but stress that the $100,000 goal is still possible.
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In a Social media sharing On X (formerly Twitter), Allemann and Happel identified critical levels to watch in Bitcoin’s price action.
They noted that although Bitcoin is currently in an upward channel, the resistance at $97,200 has not yet been overcome. If this resistance holds, the $92,700 support level – which is in line with the 20 daily line – will be retested. Simple moving average (SMA) – Likely.
This support area is considered crucial by founders to maintain the upward channel and keep the $100,000 target within reach.
Bitcoin could rise to $125,000-$140,000 by the end of the year
Adding to the bullish sentiment, cryptocurrency analyst Ali Martinez said Highlight Historical trends suggest that Bitcoin typically rises in December after the US presidential election.
In the last two sessions, Bitcoin posted gains of 30% and 46%, leading Martinez to speculate that if history repeats itself, Bitcoin could close the year in the $125,000 to $140,000 range.
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Martinez as well He pointed out Long-term Bitcoin holders were taking profits as the price rose from $62,000 to $99,000. However, he stressed that such profit-taking behavior is typical during bull markets and should not be interpreted as a signal to short the asset.
The analyst stresses that, according to historical patterns, long-term holders often make gains as prices rise, which can create… Short-term fluctuations But it does not necessarily indicate a shift in the overall market trend.
At the time of writing, Bitcoin is trading at $96,500, down a slight 0.3% on the 24-hour time frame, and down nearly 2% in the past week.
Featured image of DALL-E, chart from TradingView.com