Bitcoin price at a crucial point: breakthrough to $100,000 in sight?

The Bitcoin (BTC) price is again opposite the crucial resistance level of $ 93,500. In December the coin was decisively rejected here twice more.

A breakthrough could pave the way to the old all-time highs. Will BTC succeed this time? Newsbit analyst Erik Juffermans delves into it.

Bitcoin price at an exciting tipping point

After weeks of consolidation around $90,000, Bitcoin (BTC) broke out convincingly last Friday. The price is now back at $93,500, a level that previously served as strong resistance several times. More and more analysts are seeing signals of a possible breakthrough.

A so-called Adam and Eve pattern is visible on the daily chart. This technical pattern is known as a precursor to upward movements. Additionally, the more often a resistance level is tested, the weaker it typically becomes. That increases the chance of a breakthrough.

Is $100,000 really feasible?

We obviously have to wait for confirmation, but a breakout could lead to a rapid rise towards the psychological level of $100,000. We will then have to look at each level to see how the price reacts.

Dutch analyst Michael van de Poppe is also bullish. He expects a brief consolidation and then a rise to $100,000.

New all-time high or just temporary rebound?

The previous all-time high of over $125,000 remains out of reach for the time being. According to some analysts, the market is still in a bear market structure despite recent rebounds. Even a rise above $100,000 would not necessarily break this trend.

For example, the weekly chart clearly shows that the price has fallen below a trend line that provided strong support this cycle.

It therefore remains crucial to look at how the market reacts per level. For now, at least, the momentum seems to be back. The coming days will be decisive.