Bitcoin is currently in a consolidation phase after weeks of significant selling pressure and fear across the market. The price is down more than 19% from its delayed August local highs and is currently testing resistance near $58,000. Despite this recent decline, the broader outlook remains bullish.
Top analysts and investors are predicting a price rally, with predictions calling for Bitcoin to hit $100,000 by the end of the year. One prominent analyst recently shared a chart with a technical forecast that points to a potential breakout in the coming weeks.
This period of consolidation could form the basis for another major rally as Bitcoin continues to test key resistance levels. Traders are closely watching these technical indicators to determine the future price direction of the leading cryptocurrency. With volatility still present, the coming weeks will be critical for Bitcoin’s trajectory.
Will Bitcoin Reach $100,000 This Year?
Bitcoin is currently at a key level, looking to regain higher prices and initiate an uptrend. After weeks of fear and uncertainty dominating the market, optimism is slowly returning as top investors share more confident prospects.
One of the leading voices in this shift is Kaleo, a respected investor and trader who recently published technical analysis on X. His analysis compares BTC’s current chart to that from January, a key month when the spot Bitcoin ETF was approved and the price soared.
Kaleo’s bold prediction is that Bitcoin will hit $100,000 by December, a key goal for cryptocurrency investors since the last bull run. While the market has been recovering from a series of corrections since March, the idea of Bitcoin reaching that milestone by the end of the year is not improbable. Bitcoin’s rallies have historically been brisk and explosive, making this prediction feasible if market momentum picks up soon.
The market is still in a recovery phase, but many investors see that $100,000 target as a real possibility. If Bitcoin breaks through key resistance levels, the coming months could see an accelerated push toward that milestone, setting the stage for another historic bull run.
BTC Price Action
BTC is currently trading at $56,443, up 10% from $52,540. The price is now testing local resistance at $58,070. Despite this positive move, BTC remains below the 4-hour 200-hour exponential moving average (EMA), currently at $58,820. This EMA has acted as a key resistance level since early August, weighing on near-term momentum.
For bulls to regain control and initiate a stronger uptrend, BTC needs to break through the 4-hour 200 EMA and cross the critical $60,000 level — a significant psychological barrier for crypto investors. Successfully breaking through these resistance points could put BTC on track to average prices around $65,000.
Conversely, if BTC fails to break through the 4-hour 200 EMA, we could see a period of volatile consolidation or even a deeper correction. Failure to break through this resistance could lead to a test of lower support levels, potentially impacting market sentiment and short-term price action. Traders should closely monitor these key levels to assess Bitcoin’s next moves and adjust strategies accordingly.
Featured image is from Dall-E, chart is from TradingView
