After passing the $100,000 milestone, Bitcoin (BTC) saw its biggest rebound over the past month and then rebounded. Among the flagship cryptocurrency’s results, some analysts suggested levels to watch and next stops for the BTC rally.

Bitcoin’s rally will continue above $100,000

On Thursday, Bitcoin hit its latest all-time high (ATH) of $103,600, up 8% on the day. The largest cryptocurrency by market capitalization broke out of its monthly bullish pennant and crossed the $100,000 barrier for the first time in history.

After an impressive rally, BTC returned to the $98,000 level before briefly falling to the $90,000 support zone. This 13% correction marks the flagship cryptocurrency’s biggest decline since the post-election rally that began a month ago and resulted in about $1 billion in liquidations, the most since August.

Nevertheless, Bitcoin quickly regained the $97,000 to $98,000 price range, followed by a retest of previous ATH levels around $99,000 on Friday morning. Renowned cryptocurrency analyst Ali Martinez noted that BTC’s growth seemingly depends on a key support level.

Martinez revealed The most significant support zone for Bitcoin was the $96,870 level, where over 1.45 million addresses bought 1.42 million BTC. The analyst explained: “As long as this demand zone holds, there is a high probability that BTC will continue to climb higher.”

Moreover, he emphasized that Bitcoin has not yet reached a local peak because it is “typically achieved around the short-term holder cost base of +1 standard deviation.” According to the analyst’s chart, the level was at $112,926 at the time of the report, suggesting that BTC could rise another 13% before the first major pullback occurs.

Will BTC repeat the move from 2017?

Jelle cryptocurrency analyst pointed that Bitcoin continues to “closely follow the Q4 2023 fractal.” despite the decline. He suggested that now that the flagship cryptocurrency has “taken away liquidity from both parties,” it will start to return to the $100,000 milestone.

Jelle suggested that BTC will hold until Christmas, when he predicts a “real breakthrough” will occur if it continues after last year’s steps. Additionally, he noted that yesterday’s $100,000 candle resembles BTC’s candle when it first broke the $10,000 mark.

In November 2017, Bitcoin rose to $10,000 for the first time, reaching the $11,000 range before falling to $8,500. The next day, the price of the largest cryptocurrency bounced back from the correction and retested the $10,000 barrier, eventually turning it into support on the third day.

Bitcoin then surged by approximately 90% over the next few weeks, reaching an ATH of $19,000 in 2017. Based on this, the analyst suggests that recent price volatility is “completely normal” and will soon raise if history repeats itself.

After recovering BTC successfully tested again a bullish pennant, setting the stage for a six-figure price “once and for all,” said Jelle, whose goal was to climb to $130,000.

At the time of writing, the flagship cryptocurrency is trading at $101,050, up 4.7% from the weekly interval.

Featured image from Unsplash.com, chart from TradingView.com