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After surpassing its $100,000 milestone, Bitcoin (BTC) recorded its biggest rally in the past month before recovering. Amidst the performance of the leading crypto, some analysts have suggested the levels to watch and the next stops of the BTC rally.
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Bitcoin Rally Continues Above $100,000
On Thursday, Bitcoin reached its all-time high (ATH) of $103,600 in a daily jump of 8%. The market’s largest-cap cryptocurrency has broken out of a one-month bullish pennant and smashed past the $100,000 barrier for the first time in history.
After an impressive surge, BTC bounced back to the $98,000 mark before dropping briefly to the $90,000 support area. This 13% correction marks the largest drop in the dominant cryptocurrency since the post-election rally began last month and resulted in nearly $1 billion in liquidations, the largest since August.
Nevertheless, Bitcoin quickly recovered to the $97,000-$98,000 price range, followed by a retest of the ATH levels past around $99,000 on Friday morning. Well-known crypto analyst Ali Martinez noted that BTC’s rally seems to depend on a key support level.
Martinez pointed out that the most important area of ​​support for Bitcoin was the $96,870 mark, where more than 1.45 million addresses bought 1.42 million BTC. The analyst explained, “As long as this demand area remains, there is a good chance that BTC will continue to march higher.”
In addition, he emphasized that the local Bitcoin top has not yet arrived, as these are “usually reached around the Short-Term Holder Cost Basis +1 standard deviation.” According to the analyst’s chart, this level was $112,926 at the time of the report, suggesting that BTC could jump another 13% before seeing the first major recovery.
Is BTC Repeating Its 2017 Move?
Crypto analyst Jelle pointed out that Bitcoin is “still following the Q4 2023 fractal closely” despite the dip. He suggested that now that the crypto-flagship has “released liquidity on both sides,” it will begin to retreat back to the historic $100,000.
Jelle suggested that BTC will be around until Christmas, when he predicted that a “true explosion” would occur if it continued to follow the steps of last year. Additionally, he noted that yesterday’s $100,000 candle is similar to the BTC candle when it first crossed the $10,000 mark.
In November 2017, Bitcoin reached $10,000 for the first time, hitting the $11,000 range before falling to $8,500. The next day, the largest crypto saw its price recover from the correction and retest the $10,000 barrier, finally turning the support on the third day.
After that, Bitcoin rallied almost 90% in the next few weeks to $19,000 2017 ATH. Based on this, the analyst suggests that recent price fluctuations are “absolutely normal” and will rise quickly if history repeats.
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After the recovery, BTC has successfully returned to the bullish pennant, setting the stage for a six-figure price “once and for all,” said Jelle, with a lift targeting the $130,000 level.
As of this writing, the flagship crypto is trading at $101,050, up 4.7% on a weekly basis.
Featured image from Unsplash.com, Chart from TradingView.com
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