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This has exacerbated bullish sentiment among investors as Bitcoin (BTC) attempts to explode from a weekly range, with its price of $99,000 to $100,000. Several analysts predict that the next ever-held peak (ATH) rally for flagship cryptocurrencies is approaching, with some suggesting that the initial jump could appear in the coming days.
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Bitcoin to $100,000 this weekend?
Over the past two weeks, Bitcoin has recovered from corrections below $80,000, exceeding $90,000 and reclaiming $93,5000 to re-enter its election price range after US.
In its recovery, the merger of cryptocurrencies between $93,000 and $96,000 has moved sideways over the past few weeks. After being compressed during this period, the moon started pumps have been broken by BTC, similar to the performance two weeks ago.
Analyst Daan Crypto Trades explained that BTC soared to the $83,000-$86,000 region during the recovery in mid-April, consolidating for more than a week before making a 2% breakthrough to $87,500 resistance. Next came a two-day “close shredding” and broke through new and higher ranges.
He suggested Bitcoin display “similar settings as the previous week” as it compresses remotely within the $93,000 to $96,000 area and jumps around 2% to $97,700.
Additionally, the largest cryptocurrency may have begun, according to the “close chopping” phase of market capitalization, as prices hovered between $97,050 and $97,700 in the past few hours.
If BTC replicates its recent performance, the flagship cryptocurrency will be about 8% new range at the end of the weekend and regain $99,000-100,000 in the coming days.
BTC is similar to Q4 2024 price action
Meanwhile, analyst Rekt Capital suggests Bitcoin can repeat its fourth quarter 2024 performance. He stressed that BTC has recovered from its downside bias to regain its recent re-accumulator range, but faces lower high resistance in the region.
It is worth noting that cryptocurrencies have experienced the same situation within the energy storage range after the memo, initially falling from the lower level to the range low point. A few weeks later, Bitcoin surpassed the lower high resistance, using it as a support frame before the explosion and soared to a new ATH.
Analysts point out that the idea was first explored before the U.S. election pump, suggesting that BTC could mimic its Q1 2024 Rally, driven by the U.S. Spot Bitcoin Exchange Trading Fund (ETFS).
“If Bitcoin repeats history and follows the same path on the same path within the current scope, it would be poetry,” he said.
However, Rekt Capital details that to repeat history, Bitcoin must be rejected at $99,000, backed by $93,500, and undermined the $97,000-$99,000 range, and then rejected at $104,500 resistance.
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The flagship cryptocurrency will then need to hold a range of $97,000-$99,000 to support a similar breakthrough to the new ATHS.
Analysts concluded that if Bitcoin continues to maintain its $93,500 mark, the price will be positioned as transfer within its re-accumulation range. Still, BTC has to break its “black low resistance in this range, positioning about $99,000 this week.”
As of this writing, Bitcoin is trading at $97,461, a weekly schedule that has increased by 3%.
Featured images from Unsplash.com, charts from TradingView.com
