Crypto analyst PlanB explained why bitcoin price It will never go below $100,000 again. This comes as market participants continue to speculate on whether the leading cryptocurrency could fall below this psychological level in the event of a full-blown bear market.
Bitcoin price probably turned $100,000 into support
Described in PlanB ×post He said he would not be surprised if the Bitcoin price does not fall below $100,000 again as the market is witnessing. $100,000 resistance This will turn into a support of $100,000. The analyst further noted that the September close was the fifth consecutive month’s close above its psychological price level.
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PlanB said the same thing happened when Bitcoin prices were trading at $10,000, $1,000, $100, and $10. The analyst’s comments came after he noted that 63% of people think Bitcoin will fall below $100,000. In particular, towards the end of September, when BTC fell to $108,000, calls for a drop below $100,000 became even louder. Cryptocurrency influencer Anthem also said, Major cryptocurrencies are likely to be retested $90,000.
However, the price of Bitcoin has since made a spectacular recovery from the lows of $108,000, rising to new levels. All-time high (ATH) Over $126,000 at the beginning of the month. As a result, BTC has already gained 7% since the beginning of the month, making October the second-best performing month for the flagship cryptocurrency after November, especially based on historical data.
It is worth noting that Bitcoin price has been trading above $100,000 since May 8th and has currently been above this psychological level for more than 150 days, the longest such streak. Meanwhile, market participants currently expect that this situation is likely to continue. According to polymarket datathere is only a 25% chance that BTC will fall below $100,000 by the end of this year.
BTC bull market continues
crypto analyst Titan of Crypt Declaration He argued that the cryptocurrency market is still going on and questioned why market participants were rushing to make a call from the top. Analysts pointed out that: Stock Relative Strength Index (RSI) Crossover continues to match strength. He added that the charts will tell you when the bull market ends, but that’s not the case right now.
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in Another analysisTitan of Crypto revealed that Bitcoin price continues to record highs and lows. Based on this, he raised the possibility of BTC rising to $160,000 by the end of the year. This matches JP Morgan predictions Standard Chartered and Standard Chartered predict that BTC could reach $165,000 and $200,000 respectively by the end of the year.
At the time of writing, the price of Bitcoin has increased over the past 24 hours and is trading at around $122,000. data From CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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