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Cryptocurrency analyst Trade PSH has revealed key Bitcoin support levels to pay attention to as Bitcoin bulls seek to rally to… The psychological level is $100,000. The analyst also mentioned the price levels that Bitcoin could reach in the short term as it exceeds $100,000.
Bitcoin support levels to watch out for as bulls push towards $100,000
In a TradingView ShareTrade PSH reported that the local maximum is $99,450, with bulls repeatedly trying to push the price above $100,000. The cryptocurrency analyst also mentioned that the nearest major support area is between $95,000 and $96,600. This is in line with a recent Bitcoinist report that highlighted Level $96,000 As a crucial support area.
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As Bitcoin price moves above this support zone, Trade PSH stated that the base scenario is for the major cryptocurrency to continue growing. If Bitcoin maintains an upward trend and eventually crosses the psychological level $100,000 levelThe cryptocurrency analyst expects the average growth target to be between $102,000 and $102,757.
Based on the current price action, the analyst suggested that Bitcoin price could rise to $108,366. This would represent a new mark All time high (ATH) For the major cryptocurrency, the current ATH is $108,268. Meanwhile, Trade PSH reported that a drop below $94,300 would invalidate this trade setup.
The accompanying analyst chart showed that Bitcoin’s price could exceed $100,000 and reach these short-term targets before the end of the year. While this remains to be seen, it is worth noting that January 2025 offers a bullish outlook for the flagship cryptocurrency.
Pro-encryption Donald Trump He is scheduled to take office on January 20, which could lead to the creation of the Bitcoin Strategic Reserve. Historically, Bitcoin also enjoyed a price recovery in January 2021 from the last bull run. As such, history can repeat itself again.
BTC is trending higher
Posted by X, Cryptocurrency Analyst Titan encryption She also provided a bullish outlook for Bitcoin’s price, noting that the flagship cryptocurrency is trending higher. The accompanying chart showed that Bitcoin could rise to a level of $158,000 by May 2025. The chart also showed a price target above $220,000, suggesting that the flagship cryptocurrency could move higher.
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The crypto giant hinted at a Bullish flagwhich he suggested could still influence the price of Bitcoin. This massive bull flag is forming on the monthly time frame, and if it happens, the cryptocurrency analyst is confident that Bitcoin will enjoy a parabolic rise to this price target.
At the time of writing, Bitcoin is trading at around $98,100, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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