Investors push Bitcoin above $98k again, surpassing key support levels, setting the stage for a new rally.
Bitcoin Attempts to Break $100k
While concerns grew about a further decline in BTC's price, the leading cryptocurrency seems to have responded well at its key resistance levels, even as it keeps an eye on a fragile stock market.
The 50-day Simple Moving Average (SMA) indicated key support at $96,000, and with the recent upward movement, BTC appears to be poised for another upward push.
According to several analysts, traders should still exercise caution in the short term, but sentiment seems to reflect a renewed bullish trend after a month during which BTC's rally appeared to cool off.
However, the Relative Strength Index (RSI) still indicates the asset is in an “overbought” state, so it’s important not to get “too excited.”
Doubts About BTC’s Trend
While the crypto community remains convinced that Bitcoin could reach new all-time highs (ATH) by 2025, doubts linger about its performance in the coming weeks. Many analysts still expect a deep BTC correction, which could serve as a launchpad for the next rally.
For instance, BitQuant, analyzing market inflection points during the last cycle, has predicted a sharp drop in BTC's price driven by investor exuberance: “When the dip comes, you should buy, not sell.”
According to this forecast, the correction could bring BTC down to $80,000, a level where demand could reignite and propel the leading cryptocurrency into price discovery once more.
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