Bitcoin Enroute to $100K if This Major Support Holds 

Many crypto investors have grown tired as Bitcoin remains stuck in a trading range for long without a breakout, but all hope is not lost. Crypto analysis reveals that the asset is still in shape to reach $100,000 and higher again if it holds one major support.

The crypto analysis platform CryptoPulse in an X post said Bitcoin’s bullish structure remains intact if the price holds above $80,000, a critical resistance that has turned into support for the top digital asset. If the coin eventually breaks $100,000 again, CryptoPulse says the bullish trend will continue, otherwise it could turn bearish again.

Bitcoin Remains Stuck in Tight Range

Bitcoin has been trading in a tight range between $83,000 and $94,000, but the top has mostly been at $90,000. The coin has failed to break this ceiling after several attempts, making it seemingly impossible to go any higher. CryptoPulse however believes that an upward move to $100,000 is still possible if the price holds above $80,000.

The top crypto asset currently trades at $87,000 after it failed to break $90,000 again this week. Although it has not succeeded in breaking below $83,000 so far, its momentum has also greatly weakened, hindering a decisive break out of the range. It is however comforting to know that the bullish structure remains intact above $80,000.

Analysts have also hinted that a reversal for the coin may be near, as retailers are starting to respond to the pains of the bear market which has lingered longer than expected. This is usually the peak of pain, which comes just before a reversal historically, although some experts have said the Bitcoin downtrend has been mostly caused by manipulation.

They argue that with the prolonged rally of gold and silver, Bitcoin should be in a similar rally, at least by now as money usually recycles into crypto after gold rallies. This deviation from the norm suggests some deliberate holding back of the asset, they say.

What about Altcoins?

Bitcoin has been down for most of the fourth quarter of 2024, but altcoins have probably suffered a worse fate. Therefore the question is, what happens to altcoins if bitcoin succeeds or fails?

Historically, Bitcoin has determined the direction of movement for altcoins, and that hasn’t changed. Unless an altcoin season kicks in, this will likely be the outcome and Bitcoin’s rally will pull altcoins up and its failure will also drag altcoins further down. 

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