Bitcoin (BTC), the largest cryptocurrency by market capitalization, has seen a remarkable upward trend over the past three weeks, approaching the elusive $100,000 mark.

This follows Donald Trump’s victory in the presidential election over Democratic Party candidate Kamala Harris, which increased investor confidence in a up-to-date era for the broader industry.

This has led to increased adoption of the leading cryptocurrency, with major corporations around the world adopting it as strategic reserve component. Moreover, inflows into ETF funds increased, which further contributed to the bull market.

However, following a recent 7% correction, Bitcoin’s price has dropped to around $91,000. He subsequently regained the $96,000 mark, raising questions about his ability to break through psychological barriers $100,000 barrier before the end of the year.

Critical support at $92,700

The high price of $99,540 reached last week has investors wondering whether Bitcoin can maintain its momentum or not sales pressure will lead to further consolidation.

Despite the uncertainty, Glassnode founders Yann Allemann and Jan Happel provided insight into Bitcoin’s potential trajectory as December approaches. They acknowledge the challenges ahead, but maintain the $100,000 goal remains achievable.

In post on social media on X (formerly Twitter), Allemann and Happel outlined the critical levels to watch for Bitcoin’s price action.

They noted that although Bitcoin is currently in an ascending channel, the resistance at $97,200 has not yet been broken. If this resistance holds, the $92,700 support level should be retested, according to Daily 20 Elementary moving average (SMA) – it is probable.

This support zone was identified by the two founders as crucial to maintaining the bullish channel and keeping the $100,000 target within reach.

Bitcoin could surge to $125,000-$140,000 by the end of the year

Cryptocurrency analyst Ali Martinez adds to the bullish sentiment highlighted historical trends indicating that Bitcoin tended to rise in December following the US presidential election.

Bitcoin has seen gains of 30% and 46% in the last two cycles, leading Martinez to speculate that if history repeats itself, Bitcoin could end the year in the $125,000 to $140,000 range.

Martinez next he noticed that long-term Bitcoin holders are profiting as the price rose from $62,000 to $99,000. He emphasized, however, that this type of desire to take profits is typical of a bull market and should not be interpreted as a signal to brief sell an asset.

The analyst says that, consistent with historical patterns, holders of long-term instruments often take profits as prices rise, which could result in short-term volatility but does not necessarily indicate a change in the overall market trend.

At the time of writing, BTC is trading at $96,500, down a slight 0.3% in 24 hours and down almost 2% in the past week.

Featured image from DALL-E, chart from TradingView.com