The crypto analyst Trade PSH has outlined the major Bitcoin support levels to watch as BTC bulls aim for a rally towards the $100,000 mark. As Bitcoin attempts to break above $100,000, Trade PSH highlighted that the local maximum is $99,450, with the nearest key support zone ranging between $95,000 and $96,600. A recent report also emphasized the $96,000 level as a crucial support zone. If Bitcoin continues to move above these support levels, Trade PSH predicts that the flagship cryptocurrency could reach intermediate growth targets between $102,000 and $102,757.
Additionally, based on the current price action, the analyst suggested that Bitcoin could rally to as high as $108,366, setting a new all-time high for the cryptocurrency. However, Trade PSH warned that a drop below $94,300 would invalidate this bullish scenario. The accompanying chart shared by the analyst indicated that Bitcoin might break above $100,000 and hit these short-term targets by the end of the year. Furthermore, a bullish outlook for Bitcoin in January 2025 is also highlighted, as pro-crypto Donald Trump is scheduled to take office on January 20, potentially leading to the creation of the Strategic Bitcoin Reserve and a price recovery similar to January 2021.
Another crypto analyst, Titan of Crypto, also offered a positive outlook for the Bitcoin price, suggesting that the cryptocurrency is heading higher. Titan of Crypto’s chart showed that Bitcoin could rally to as high as $158,000 by May 2025, with a price target above $220,000 indicating the potential for even further growth. The analyst mentioned a bullish pennant still in play for Bitcoin, forming in the monthly timeframe, and expressed confidence that the cryptocurrency could experience a parabolic rally towards this price target. As of the latest data, the Bitcoin price is trading around $98,100, with a slight decrease in the past 24 hours according to CoinMarketCap.
In summary, both Trade PSH and Titan of Crypto have provided a positive outlook for Bitcoin, pointing towards potential price targets above $100,000 and even higher levels in the coming years. While short-term movements may be subject to market fluctuations, the analysts remain optimistic about the future growth potential of the flagship cryptocurrency. With ongoing support levels and historical trends in mind, Bitcoin could be on track for significant price increases, potentially reaching new all-time highs and continuing on an upward trajectory in the long run. Investors and enthusiasts are advised to monitor these developments closely to assess potential opportunities and risks in the cryptocurrency market.
