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Bitcoin (BTC), the largest cryptocurrency by market capitalization, has experienced an impressive uptrend over the past three weeks and is approaching the elusive $100,000 level.
This follows Donald Trump's victory over Democratic candidate Kamala Harris in the presidential election, boosting investor confidence in a new era across the industry.
This has led to increased adoption of major cryptocurrencies, with leading companies around the world adopting cryptocurrencies as strategic reserve assets. Additionally, inflows into exchange-traded funds (ETFs) are also increasing, further contributing to the bull market.
However, after the recent 7% correction, Bitcoin price has fallen to around $91,000. It has since recovered to the $96,000 level, but questions arose as to whether it would be able to break through the psychological $100,000 barrier by the end of the year.
Critical support is $92,700
The all-time high of $99,540 reached last week has investors wondering if Bitcoin can maintain its momentum or if selling pressure will lead to further consolidation.
Despite the uncertainty, Glassnode founders Jan Alleman and Jan Happel provided insight into Bitcoin's potential trajectory as December approaches. They acknowledge the challenges ahead, but insist the $100,000 goal is still achievable.
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In a social media post on X (formerly Twitter), Aleman and Happel outlined the key levels to watch in Bitcoin's price movement.
They noted that although Bitcoin is currently in a bullish channel, the $97,200 resistance has not yet been overcome. If this resistance holds firm, the $92,700 support level is likely to be retested in line with the daily 20 Simple Moving Average (SMA).
This support zone is considered important by the two founders to maintain the bullish channel and keep the $100,000 target within reach.
Bitcoin could soar to $125,000-$140,000 by year-end
Cryptocurrency analyst Ali Martinez further added to the bullish mood by highlighting historical trends that show Bitcoin typically spikes in December following the US presidential election.
Over the past two cycles, Bitcoin has posted gains of 30% and 46%, so Martinez believes that if history repeats itself, Bitcoin could end the year in the $125,000 to $140,000 range. I'm guessing.
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Martinez also noted that long-term Bitcoin holders are taking profits as the price of Bitcoin rises from $62,000 to $99,000. But he stressed that such profit-taking behavior is typical of bull markets and should not be interpreted as a signal to short an asset.
The analyst said that historical patterns show that long-term holders often realize gains as prices rise, which can lead to short-term volatility, but not necessarily changes in overall market trends. It is claimed that it does not represent.
The daily chart shows BTC price consolidation. Source: BTCUSDT on TradingView.com
At the time of this writing, BTC is trading at $96,500, down just 0.3% in the 24-hour time frame and nearly 2% over the past week.
Featured image from DALL-E, chart from TradingView.com
