Crypto analyst PlanB has explained why the Bitcoin price should never fall below $100,000 again. This is because market participants continue to speculate on whether the flagship crypto could fall below this psychological level if a full-blown bear market were to emerge.
Bitcoin price has probably turned $100,000 into support
PlanB stated in a X message that he will not be surprised if the Bitcoin price does not fall below $100,000 again, as the market testifies the $100,000 resistance converted into $100,000 support. The analyst further noted that September’s close was the fifth consecutive monthly close above that psychological price level.
Related reading
PlanB stated that the same thing happened when the Bitcoin price traded at $10,000, $1,000, $100 and $10. The analyst’s comments came as he noted that 63% of people think Bitcoin will fall below $100,000. Notably, there were more calls for a drop below $100,000 towards the end of September, when BTC fell to $108,000. Crypto influencer Ansem was among those who predicted that the flagship crypto would likely retest $90,000.
However, Bitcoin price has since made a remarkable comeback from the lows of $108,000, rising to new levels. all-time high (ATH) above $126,000 to start the month. As a result, BTC is already up 7% at the start of the month, with October notably being the second best performing month for the flagship crypto after November, based on historical data.
It is worth noting that the Bitcoin price has traded above $100,000 since May 8 and has now been above this psychological level for more than 150 days, the longest streak. Meanwhile, market participants are currently betting that this is likely to remain the case. 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 is still active
Crypto analyst Titan of Crypto Declared that the crypto market is still active and wondered why market participants were in a hurry to call the top. The analyst noted that the Stoch Relative Strength Index (RSI) crossovers stay in line with power. He added that the chart will tell them when the bull run is over, but for now it won’t.
Related reading
In another analysisCrypto’s Titan revealed that Bitcoin price continues to print higher highs and higher lows. Based on this, he raised the possibility that BTC could rise to $160,000 by the end of the year. This corresponds to predictions from JPMorgan and Standard Chartered, which predict that BTC could reach $165,000 and $200,000, respectively, by the end of the year.
At the time of writing, the Bitcoin price is trading around $122,000, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com