Crypto analyst PlanB has shared insights on why the price of Bitcoin may not fall below $100,000 again. This speculation arises as market observers wonder if the premier cryptocurrency could dip below this critical threshold during a potential bear market.
Bitcoin Price Likely Establishing $100,000 as Support
In an X post, PlanB mentioned he wouldn’t be surprised if Bitcoin’s price stays above $100,000, as the market is witnessing the former resistance of $100,000 turning into support. He emphasized that September marked the fifth consecutive month closing above this psychological milestone.
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PlanB highlighted a similar phenomenon at previous price points of $10,000, $1,000, $100, and $10. His comments come as 63% of the population anticipates that Bitcoin might fall below $100,000. Notably, the calls for a dip below this threshold increased toward the end of September when BTC reached lows of $108,000. Crypto influencer Ansem was among those predicting that the leading cryptocurrency could retest the $90,000 mark.
However, since hitting the $108,000 low, Bitcoin has mounted a strong recovery, soaring to a new all-time high (ATH) above $126,000 as the month began. Consequently, BTC has risen 7% at the start of October, a month historically noted as the second-best performer for Bitcoin after November.
It is important to note that Bitcoin has been trading above $100,000 since May 8, marking its longest consecutive period above this psychological level at over 150 days. Presently, market participants are optimistic that this trend will continue. According to Polymarket data, the probability of BTC dropping below $100,000 by year-end stands at only 25%.
BTC Bull Market Continues
Crypto analyst Titan of Crypto has stated that the cryptocurrency market remains bullish, questioning the urgency some have to call the peak. He pointed out that the Stoch Relative Strength Index (RSI) indicators are aligning positively. He suggested that the charts will indicate when the bull run concludes, but for now, that is not the case.
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In another analysis, Titan of Crypto revealed that Bitcoin continues to record higher highs and higher lows. Based on this trend, he raised the possibility that BTC could soar to $160,000 by year-end. This aligns with forecasts from JPMorgan and Standard Chartered, predicting BTC could reach $165,000 and $200,000, respectively, by the end of the year.
As of now, the Bitcoin price hovers around $122,000, showing an increase over the past 24 hours, according to data from CoinMarketCap.
Featured image sourced from Pixabay, chart from Tradingview.com
