Major Bitcoin Support Levels Identified as Bulls Target $100,000
Crypto analyst Trade PSH identified significant Bitcoin support levels as BTC aims for a rally toward the $100,000 level. The analysis includes potential price targets following a breakthrough above this psychological threshold.
Bitcoin Support Levels and Price Targets
According to a TradingView post, the local maximum for Bitcoin is $99,450, with key support between $95,000 and $96,600. This aligns with a report from Bitcoinist that emphasized the $96,000 level as critical support.
Trade PSH anticipates continued growth for Bitcoin if it remains above this support zone. A successful break above $100,000 could set the next growth target between $102,000 and $102,757.
The analyst suggested a potential rally to $108,366, surpassing the current all-time high of $108,268. A drop below $94,300 would invalidate this bullish scenario.
Trade PSH’s chart indicates that Bitcoin may reach these short-term targets by year-end, with a favorable outlook into January 2025. Notably, Donald Trump’s inauguration on January 20 could influence market dynamics, potentially leading to the establishment of a Strategic Bitcoin Reserve. Historical trends show Bitcoin's recovery in January 2021 during the last bull run.
BTC Bullish Outlook
In an X post, crypto analyst Titan of Crypto also expressed optimism for Bitcoin, predicting a rise to $158,000 by May 2025. His analysis suggests even higher targets above $220,000.
Titan of Crypto referenced a potential bullish pennant forming in the monthly timeframe, which, if confirmed, could lead to a parabolic price increase.
As of now, Bitcoin is trading around $98,100, reflecting a decline over the past 24 hours based on CoinMarketCap data.
