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With Bitcoin price still struggling to clear $90,000, the $100,000 mark seems more of a dream because the 12 months quickly involves an end. The cryptocurrency's ongoing battle to breakout has caused sentiment to slip deeper into the negative, and with liquidity falling to record lows, the possibilities of a rebound above $100,000 are still slim. However, there are some in the neighborhood who consider that Bitcoin can still manage a breakout above this level.
Why Bitcoin Price Could Still Hit $100,000 This Month
According to a post by crypto analyst The Penguin XBT on X (formerly Twitter), Bitcoin price continues to be looking good from here. This is since the structure stays incredibly clean and continues to look clean across all time frames, thus showing more bullish bias than bearish bias.
As the value continues to trade within the $86,000-$89,000 range, the crypto analyst believes there continues to be a likelihood of a recovery. However, the likelihood of it going by some means continues to be quite high and a breakout or collapse could possibly be the result from here.
In the event of a breakout, the crypto analyst expects Bitcoin price to rise above $100,000. More importantly, the analyst believes this break could occur later this month, lower than two weeks until the top of the 12 months. The top of this breakout is above $107,000, where there continues to be major resistance.
Source: X
On the opposite hand, where the Bitcoin price collapses, then the crypto analyst sees a less important step. This would take Bitcoin to a low of $80,000, although with the expectation that there will probably be some support at this level.
The technical evaluation highlights the incontrovertible fact that the Bitcoin price has already played out a transparent leadership diagonal for wave 1. If that is accomplished, they expect wave 3 to be underway, which could potentially trigger the following bullish move.
“Structure is doing exactly what it's speculated to do. No rush. More patience than motion,” the crypto analyst explained within the post. Therefore, it is just a matter of time how Bitcoin price moves before a transparent direction is established.
BTC price retreats from early week gains | Source: BTCUSD on Tradingview.com
Featured image by Dall.E, chart by TradingView.com
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