Bitcoin Price Prediction: Will BTC Hit $100,000? Analysts Weigh In

Bitcoin (BTC) has shown remarkable resilience, climbing nearly 5% in the past week and reclaiming key support levels. This bullish momentum has propelled BTC towards the $88,000 mark, sparking debate among analysts about the potential for a significant price surge.

A Potential 14% Jump?

After several unsuccessful attempts to break above the $84,000-$85,000 resistance zone, Bitcoin finally reclaimed this crucial range over the weekend. This recovery, coupled with a bullish Relative Strength Index (RSI) divergence and a V-shaped recovery pattern, has led analyst Alex Clary to express optimism. Clary believes a break above the $88,000-$90,000 range could trigger an 8% to 14% price jump, potentially pushing BTC towards the $95,000-$100,000 levels last seen in February.

Correlation with S&P 500

Trader Daan Crypto Trades highlights the correlation between Bitcoin’s price and the S&P 500 (SPX). While acknowledging this connection, Daan notes that Bitcoin maintains a “solid spot premium” during this recent bounce. This suggests that a move to new local highs is possible if BTC sustains current levels and reclaims the post-US election breakout range above $90,000.

Weekly Close is Crucial

Analyst Rekt Capital emphasizes the importance of Bitcoin’s weekly closing prices. He warns that weekly closes above $88,400 and $93,500 are necessary to end the current downside deviation period. Bitcoin has been consolidating between its 21-week and 50-week Exponential Moving Averages (EMAs), and a weekly close above the 21-week EMA ($88,400) is seen as a critical decision point. A successful close above this level, followed by a retest of support, could trigger a renewed uptrend towards the $93,500 re-accumulation range low. However, Rekt Capital also cautions that failure to hold this level could lead to further downward pressure.

The Road to $100,000

The path to $100,000 remains uncertain, with analysts offering varying perspectives. While some see significant upside potential based on technical indicators and market sentiment, others caution against overconfidence, highlighting the potential for volatility and the need for sustained price action above key resistance levels. The coming weeks will be crucial in determining whether Bitcoin can sustain its recent gains and continue its upward trajectory.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries significant risk. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions.