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bitcoin has been on a notable upward trajectory, topping the $96,000 mark for several days after consolidating below the psychological $100,000 level. As a leading cryptocurrency, bitcoin has consistently surpassed all-time highs over the past three weeks, and yesterday marked an all-time weekly close of $98,000, the highest in its history.
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CryptoQuant analyst Axel Adler shared an insightful analysis on According to Adler, the market is now primed for a critical test of the $100,000 mark, a barrier that could catalyze further bullish momentum or signal a short-term consolidation phase.
With bitcoin's bullish trajectory showing no signs of slowing down, traders and investors are closely watching a break above $100,000. Such a move could spark broader market optimism and drive renewed interest in altcoins, which could shape the next phase of the cryptocurrency market's growth. However, failure to break above this key level could trigger a healthy correction, setting the stage for a more sustainable rally.
bitcoin Price Action Remains Strong
bitcoin price action has remained exceptionally bullish despite a recent pullback from $99,800 to $95,800, a minor drop of less than 4%. Investors generally view this pullback as a brief consolidation phase before a possible breakout above the pivotal $100,000 mark.
The resilience demonstrated during this pullback has bolstered confidence among market participants, with many seeing it as a healthy pause in an ongoing uptrend.
<a target="_blank" href="https://x.com/AxelAdlerJr/status/1860949477936267317/photo/1″ target=”_blank” rel=”nofollow”>Renowned CryptoQuant analyst Axel Adler weighed in on recent market moves via xsharing technical analysis that reinforces bitcoin's solid bullish structure. Adler highlighted that pushing btc to lower demand levels was unsuccessful, further solidifying the current support zones.
According to his insights, the stage is now set for bitcoin to finally test the critical $100,000 area and gauge the market reaction at this psychological threshold. As btc approaches this milestone, investor sentiment appears divided. Many traders view the $100,000 level as an ideal price to start taking profits, citing historical patterns of pullbacks after major round number milestones.
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However, others remain optimistic about bitcoin's continued strength, forecasting a potential rise above $100,000. Predictions for the peak of the rally range between $105,000 and $120,000, reflecting a broader belief in the cryptocurrency's long-term potential. Whether bitcoin consolidates or continues to rise, all eyes remain on its next moves.
Bullish Weekly Close Could Send btc Higher
bitcoin has achieved its highest weekly close in history, recording an impressive $98,000. This milestone is a technical achievement and a critical psychological boost for market participants. It signals a strong bullish environment that could soon push bitcoin above the coveted $100,000 mark.
The $98,000 level now serves as a solid support zone, and maintaining this price (or at least staying above $95,000) in the coming days will be critical. A break above these levels could push bitcoin towards $100,000 with significant momentum. Such a move would solidify bitcoin's bullish trend and attract greater interest from retail and institutional investors.
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However, continued consolidation below $100,000 remains a possibility. bitcoin may need several weeks of sideways movement to gather the necessary strength for the next leg up. While it may be frustrating for traders in the short term, this consolidation phase would provide a solid foundation for sustainable growth.
Featured image of Dall-E, TradingView chart
