- The path to six figures
- Modest odds
Bitcoin (BTC), the world’s leading cryptocurrency, has found itself at a crossroads once again. The $95,000 level is now viewed as the immediate hurdle before the flagship cryptocurrency can potentially prevent the bulls from reclaiming the psychologically significant six-figure mark.
According to widely followed crypto analyst Dave the Wave, the cryptocurrency is currently in a recovery phase that could determine the trajectory of the broader market cycle.
In a Sunday update, the analyst noted that the $100,000 level is the definitive barrier for bulls to reclaim.
The path to six figures
Bitcoin is currently trading around $91,360, up approximately 0.85% on the day. The price action indicates that a potential reversal could be in the offing. For now, however, Bitcoin is still undergoing a multi-month correction from its October 10 peak near $127,000.
There are several key technical developments that are currently in play. First of all, Bitcoin appears to have breached a steep descending trendline (dotted white line) that has constrained the price action of the leading cryptocurrency. This could signal that bearish momentum is waning
Secondly, the chart illustrates a “higher low” structure forming around the $80,000 mark. This could create a base for the current impulse. However, the price remains below the long-term ascending logarithmic trendline (yellow).
Modest odds
In the meantime, data from Polymarket shows an 82% probability that Bitcoin will hit $100,000 this year. However, the market is not yet pricing in a runaway “supercycle.” The odds of BTC reaching $120,000 currently stand at 50%
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Bleeds 29% But Sellers Are Exhausted, VanEck Says - U.Today
Bitcoin recently experienced a 29% decline, but a VanEck report suggests selling pressure may be easing. Exhausted sellers and strong on-chain fundamentals indicate potential stabilization, despite current market fears.
UToday2m ago
The Next Few Days Will Decide Whether Bitcoin Price Explodes to $80K or Crashes to $40K
Bitcoin is sitting at one of those moments where the market feels tense. Not collapsing. Not moving higher. Just hovering at a level that really matters.
Crypto Patel explained it clearly: “Bitcoin is currently at a crossroads. Bitcoin might climb back to the $80,000 mark or even above.
CaptainAltcoin28m ago
Bitcoin Sell Pressure Is Easing, But Whales Keep Dumping on Exchanges: CryptoQuant
Bitcoin deposits on exchanges have decreased significantly, easing sell pressure despite continued activity from large holders. The price has plummeted 46% since its peak last October, indicating potential short-term bearish trends ahead.
Decrypt48m ago
Supreme Court Slams Trump Tariffs: Is Bitcoin and Crypto Surge Incoming?
_Supreme Court voids Trump tariffs as Bitcoin jumps above $67,000, with crypto markets reacting to shifting trade and policy risks._
The U.S. Supreme Court has ruled that President Trump’s global tariffs are unlawful, and the decision is creating new debate across financial and crypto markets.
LiveBTCNews1h ago
Bitcoin Stuck Until Nasdaq Breaks Out, Expert Warns Amid Market Choppiness
Michaël van de Poppe has shared an important message for Bitcoin (BTC) traders. “One of the most important signals would be a breakout upwards of the Nasdaq. It’s stuck in a range, and as long as that happens, there’s likely no breakout for Bitcoin to occur,” tweeted the renowned analyst.
It is a s
BlockChainReporter1h ago
XRP Trades Near $1.45 Support as Bitcoin Fractal Comparison Emerges
XRP is trading in a narrow band of between $1.45 and $1.61 after falling by 7.0 per cent in a single day.
XRP was up 5.1 percent versus Bitcoin and traded at 0.00002174 BTC even though the USD pair was weak.
EGRAG CRYPTO emphasizes that it is a Bitcoin fractal comparison, which is
CryptoNewsLand1h ago
