Crypto analyst PlanB has explained why the Bitcoin price may never drop below $100,000 again. This comes as market participants continue to speculate on whether the flagship crypto could fall below this psychological level if a full-blown bear market were to occur.
Bitcoin Price Has Likely Turned $100,000 Into Support
PlanB stated in an X post that he will not be surprised if the Bitcoin price does not drop below $100,000 again as the market witnesses the $100,000 resistance turn into $100,000 support. The analyst further noted that the September close was the fifth consecutive monthly close above that psychological price level.
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PlanB stated that the same thing happened when the Bitcoin price was trading at $10,000, $1,000, $100, and $10. The analyst’s remarks came as he noted that 63% of people think that Bitcoin will drop below $100,000. Notably, there were more calls for a drop below $100,000 towards the end of September when BTC dropped to as low as $108,000. Crypto influencer Ansem was among those who predicted that the flagship crypto would likely retest $90,000.
However, the Bitcoin price has since staged a remarkable comeback from the $108,000 lows, rallying to a new all-time high (ATH) above $126,000 to start the month. As a result, BTC is already up 7% to start the month, with October notably the flagship crypto’s second-best performing month after November, based on historical data.
It is worth noting that the Bitcoin price has traded above $100,000 since May 8 and has now been above this psychological level for over 150 days, its longest streak. Meanwhile, market participants are currently betting that it will likely stay this way. According to Polymarket data, there is only a 25% chance that BTC will drop below $100,000 by the end of this year.
BTC Bull Market Still On
Crypto analyst Titan of Crypto declared that the crypto market is still on and questioned why market participants were in a rush to call the top. The analyst noted that the Stoch Relative Strength Index (RSI) crossovers keep aligning with strength. He added that the chart will tell them when the bull run is over, but for now, that is not the case.
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In another analysis, Titan of Crypto revealed that the Bitcoin price continues to print higher highs and higher lows. Based on this, he raised the possibility that BTC could rally to as high as $160,000 by the end of the year. This aligns with predictions by JPMorgan and Standard Chartered, which predict that BTC can reach $165,000 and $200,000, respectively, by year-end.
At the time of writing, the Bitcoin price is trading at around $122,000, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com