Bitcoin Surges to $103,600 Before Retracing and Recovering
Bitcoin (BTC) surpassed $100,000, reaching an all-time high of $103,600 with an 8% daily increase. Following this surge, BTC retraced to $98,000 and briefly fell to $90,000, marking a 13% correction, the largest since the post-election rally began a month ago.
Bitcoin Rally To Continue Above $100,000
After the decline, Bitcoin recovered to the $97,000-$98,000 range and retested the previous ATH around $99,000. Analyst Ali Martinez identified the critical support level at $96,870, where over 1.45 million addresses purchased 1.42 million BTC. He stated that as long as this demand zone holds, there is a good chance BTC will continue to rise.
Martinez also noted that the local top has not yet been reached, suggesting it could hit $112,926, indicating a potential additional 13% increase before a significant retrace occurs.
Will BTC Repeat Its 2017 Move?
Analyst Jelle observed that Bitcoin is closely following the Q4 2023 fractal despite recent dips. He predicts BTC will range until Christmas, forecasting a “true breakout” if historical patterns hold. He compared the recent price action to BTC’s initial rise past the $10,000 mark in November 2017.
In November 2017, Bitcoin initially surged to $10,000, then dropped to $8,500 before recovering and solidifying the $10,000 level as support. This led to a subsequent rally of approximately 90%, reaching the $19,000 ATH. Jelle believes the current volatility is normal and anticipates a similar upward trend.
Following recovery, BTC retested the bullish pennant, positioning itself for a potential price target of $130,000, according to Jelle. Currently, BTC trades at $101,050, reflecting a 4.7% weekly increase.
