Bitcoin Price Nearly Falls Below $100,000 This Week, Market Debates Whether It Can Reach $150,000 by Year-End
This article organizes the current bullish and bearish perspectives of analysts.
(Background: Metaplanet launches the largest Bitcoin equity financing in Asia, aiming to purchase $5.4 billion worth of BTC to own 1% of the supply.)
(Context: BTC trading powerhouse Metaplanet surges 1017%, becoming the top-performing Japanese stock of 2024. Could it spark a corporate Bitcoin buying spree?)
After Bitcoin’s recent surge to a historic high of $112,000, market hopes for reaching the $150,000 target by year-end have been reignited. However, this week, the rapid pullback that nearly breached the $100,000 mark is testing investors’ optimism. As of the time of writing, Bitcoin is priced at $105,420, and its rebound since Friday has reached a pressure point. Whether it can hold this level or face a second decline will be the focus for next week.
Market Bullish and Bearish Analysis
According to recent reports from Bitget News, Bitcoin’s 50-day moving average has crossed above the 200-day moving average, forming a “golden cross,” which is a typical bullish signal. Meanwhile, the regulatory environment surrounding stablecoin regulations is gradually becoming clearer, which also helps boost institutional confidence.
From an on-chain data perspective, Bitcoin researcher Axel Adler Jr. pointed out that if the NUPL/MVRV ratio can break through and maintain above 1.0, it may indicate the start of a new bull market.
Additionally, Cointelegraph’s analysis indicates that Bitcoin is showing an inverted head-and-shoulders pattern on the daily chart, with the neckline providing support around $100,800. If this support is breached, it could drop to $91,000, a level close to the 200-day exponential moving average (EMA).
Another noteworthy aspect is the divergence between Bitcoin’s price and the RSI on the weekly chart (higher price correlates with lower RSI). This scenario is similar to the peak of the 2021 cycle, where prices reached new highs while the RSI declined, followed by a significant market correction.
Currently, the market generally believes that if Bitcoin can effectively break through the pressure zone of $112,000 to $115,000, it will be critical for triggering a rise to $150,000 by year-end. However, investors still need to be wary of market volatility, regulatory uncertainties, and potential macroeconomic events.
