Bitcoin is experiencing a surge of optimism regarding a potential recovery, as crypto analysts set their sights on the six-figure mark for the cryptocurrency, having risen above $92,000 after a decline to $84,500.
“This is what you’d want to see. [Bitcoin] rebounding after an unusual dip on the 1st of this month,” said Michaël van de Poppe, founder of MN Fund and analyst, on Tuesday.
He emphasized that it is “essential” for Bitcoin (BTC) to surpass the $92,000 mark.
“If that breaks, I’m confident we’ll start to see a new all-time high and test $100,000.”
Van de Poppe compared the current price conditions of Bitcoin to its previous cycles, questioning if the recent drop is the ultimate shakeout.
“All indicators have shown an excessive downturn during Bitcoin’s last crash, suggesting that the decline was more severe than Luna, FTX, and COVID,” he noted.
Bitcoin hit a 24-hour high of $93,040 on Coinbase during early trading on Wednesday, according to TradingView. It has reclaimed all losses from a leverage flush late on Sunday that saw its price drop by $8,000.
Macroeconomic tailwinds to drive markets
Nick Ruck, director at LVRG Research, shared with Cointelegraph his belief that Bitcoin will reach six figures again within months.
“With Bitcoin’s resilience standing out amid changing regulatory frameworks and growing institutional adoption by late 2025, we foresee a strong potential to reclaim the $100,000 mark in the near future,” he stated.
Related: Bollinger Bands indicate Bitcoin’s bottom may not dip below $55K
Ruck further noted that Bitcoin’s ascent would be “fueled by macroeconomic tailwinds, including renewed potential for Fed rate cuts and returning ETF inflows.”
Key support zone determines next direction
Analysts pointed out in a blog post prior to the rebound that the $86,000 to $88,000 range is a critical support zone that needs to be upheld.
“This level has endured sixty tests in recent months without breaking, making any violations particularly noteworthy,” noted analyst “Crazzyblockk.”
“Trading above this level indicates reduced selling pressure as active traders maintain profitable positions,” they added. The upcoming week will be crucial for defending this level to sustain market structure.
“Breaking below triggers scenarios aimed at lower prices as sophisticated participants transition from accumulation to distribution.”
At the time of writing, Bitcoin was trading just above $92,700, reflecting a 7% increase over the past 24 hours.
Magazine: Animoca’s bet on altcoin upside, analyst predicts $100K Bitcoin: Hodler’s Digest
