Bitcoin Must Hold This Support Level To Retain $100,000 Dream – Details

Bitcoin

Bitcoin continues to record significant price leaps following a 19.28% gain in the past seven days. The premier cryptocurrency is replicating another bullish Q4 particularly boosted by multiple factors as it gradually approaches the $100,000 price target. However, crypto analyst Ali Martinez has revealed a vital condition for the market bulls to sustain the current momentum.

Why $91,900 Is Crucial To Bitcoin

Donald Trump’s electoral victory coupled with recent Federal Reserve rate cuts have spurred Bitcoin to multiple all-time highs over the last two weeks. On Thursday, the crypto market leader hit a new peak of $93,434 and has since retraced by 2.25% to remain in consolidation above $91,000. 

Commenting on Bitcoin’s future price movement, Ali Martinez shared that the TD Sequential, a trading indicator for identifying trend exhaustion and market reversals, had recently flashed a sell signal indicating that BTC may be due for some significant price recorrection.

However, the analyst explains the leading cryptocurrency can avoid such a downturn if the market bulls ensure a daily close above $91,900. Martinez states that holding this price level would allow Bitcoin to maintain its current trajectory and potentially climb to $100,680.

 

Source: ali_charts on X

Bitcoin To Fall Or Not? 

Martinez’s predictions counter wider beliefs that the premier cryptocurrency is set for a re-correction following a prolonged price rally that has lasted since early October. 

In a separate post on X, the analyst notes the Bitcoin Long/Short ratio currently stands at 0.79 with 55.94% of traders opening short positions in anticipation of a price fall. Bitcoin’s relative strength index also remains above 70, signaling it’s in the overbought zone and is due for a price reversal. However, the asset’s price is also well above its 20-SMA showing potential for a trend continuation. 

Moreover, the impending return of Trump to the White House which is expected to usher in new pro-crypto appointments in terms of agencies such as SEC and CFTC also continues to spur investors who will now anticipate a less regulatory hostile regime. This factor, combined with the ongoing impressive performance of the Bitcoin spot ETFs which have now accumulated total inflows of $6.18 billion in Q4 2024. Therefore, the premier cryptocurrency may remain yet resilient reaching another all-time high in no time.

At the time of writing, Bitcoin trades at $91,166 reflecting a 2.10% in the past day. Meanwhile, the asset’s trading volume is down by 18.88% and valued at $68.54 billion.

BTC trading at $91,072 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Medium, chart from Tradingview

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