With the Bitcoin price still struggling to surmount $90,000, the $100,000 level seems more like a dream as the year is quickly running to an end. The continuous struggle for the cryptocurrency to break out has caused sentiment to sink deeper into the negative, and with liquidity dropping toward record lows, the chances of a rally above $100,000 are still low. Nevertheless, there are some in the community that believe that Bitcoin can still stage a breakout above this level.
Why Bitcoin Price Could Still Reclaim $100,000 This Month
According to a post by crypto analyst The Penguin XBT on X (formerly Twitter), the Bitcoin price is still looking good from here. This is because the structure remains incredibly clean and continues to look clean across all timeframes, hence showing more bullish tendencies than bearish.
As the price continues to trade inside the range of $86,000 and $89,000, the crypto analyst believes that there is still a chance of a recovery. However, the chances of it going either way are still quite high, and a breakout or breakdown could be the result from here.
In the case of a breakout, then the crypto analyst sees the Bitcoin price climbing above $100,000. More importantly, the analyst believes that this break could still happen this month, with less than two weeks to go before the year ends. The upper end of this breakout is placed above $107,000, where there is still major resistance.
On the flip side of this, where the Bitcoin price breaks down, then the crypto analyst sees a less significant move. This would put Bitcoin as low as $80,000, but with the expectation that there will be some support at this level.
The technical analysis highlights the fact that the Bitcoin price has already played out a clear leading diagonal for Wave 1. With this complete, they expect that the Wave 3 will be underway, something that could possibly trigger the next upward move.
“Structure is doing exactly what it should. No rush here. More patience than action,” the crypto analyst explained in the post. Thus, it is only a matter of time to see how the Bitcoin price moves before mapping out a clear trajectory.
Featured image from Dall.E, chart from TradingView.com
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