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Crypto analyst Trade PSH has revealed the key Bitcoin support levels to watch out for as the BTC bulls push for a rally to the psychological level of $100,000. The analyst also mentioned what price levels Bitcoin could reach in the near term if it breaks above $100,000.
Bitcoin support levels to watch out for as the bulls aim for $100,000
In one TradeView postTrade PSH stated that the local high is $99,450 as bulls repeatedly try to push the price above $100,000. The crypto analyst also said that the nearest major support zone is between $95,000 and $96,600. This is consistent with a recent Bitcoinist report that highlighted the Level of $96,000 as a crucial support zone.
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As Bitcoin price moves above this support zone, Trade PSH stated that the primary scenario is continued growth for the flagship crypto. If Bitcoin maintains an uptrend and eventually breaks out beyond the psychological $100,000 levelThe crypto analyst predicts that the interim growth target is between $102,000 and $102,757.
Based on the current price action, the analyst suggested that Bitcoin could rise to $108,366. This would be a new sign all-time high (ATH) for the flagship crypto, as the current ATH is $108,268. Meanwhile, Trade PSH said a drop below $94,300 would invalidate this trading setup.
The analyst’s accompanying chart showed that Bitcoin price could break above $100,000 and achieve these short-term targets before the end of the year. While that remains to be seen, it’s worth noting that January 2025 offers a bullish outlook for the flagship crypto.
Pro-crypto Donald Trump will take office on January 20, which could lead to the creation of the Strategic Bitcoin Reserve. Historically, Bitcoin also saw a price recovery in January 2021 after the last bull run. As such, history could repeat itself again.
BTC is moving higher
In an X-post, crypto analyst Titan of Crypto also gave a bullish outlook for the Bitcoin price, stating that the flagship crypto is headed higher. His accompanying chart showed that Bitcoin could rise as high as $158,000 by May 2025. The chart also showed a price target above $220,000, suggesting the flagship crypto could soar even higher.
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Titan from Crypto alluded to a bullish pennantwhich he suggested was still in play for the Bitcoin price. This massive bull pennant will begin to form over the course of the month, and if it materializes, the crypto analyst is confident that Bitcoin will enjoy a parabolic rally to this price target.
At the time of writing, the Bitcoin price is trading around $98,100, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com