Bitcoin Breaks Past $98,500: $100K Next for BTC Price?

BTC price is back on the rise with its price reaching $98,525. However, it is slightly down 0.33% over the last 24 hours but trading well above current levels. Bitcoin trade volume in the coin for the last 24 hours has been robust at $68,430,610,339, while the contrary shows a fall of 29%. These are key signs of some users taking profits or are beginning to take the market for a ride.

The overall market cap of Bitcoin is still healthy at $1.95 trillion down by 0.30% while the FDV value of Bitcoin is at $2.07 Trillion. The above metrics partly show that BTC price is progressively becoming dominant and investors’ continued confidence in the cryptocurrency. However, short-term price volatility shows signs of consolidation.

Bitcoin Struggles to Post Gains Amid Consolidation

Earlier today, Bitcoin came close to $99,000, the highest level of this year so far. Nevertheless, it met similar resistance at this critical price level. This happened in order to stage a pullback before establishing fleeting support just beneath $98,600. From this trading activity it can be deduced that it may take a long while for the bulls to build up enough strength to push the price into the six figures.

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The 24-hour chart shows large volatility. Bitcoin reached $99K and had brief dips to $97.5K. This sort of sideways mobility indicates while there is still underlying bullish pressure, there is selling packaged to control the extent of the upside. Nevertheless, Bitcoin has remained above specific support levels even though slightly lower. This is including the $97,500 levels which most traders are focusing on for more such indications.

The 4-hour chart also provides more detail on Bitcoin’s price action in the last bit of time. Bitcoin price action, after gaining a sharp upswing in the first week of the month, has now begun to draw a smaller range that indicates a struggle between bulls and bears.

The Relative Strength Index (RSI), for example, shows that the current market is helping both the bulls and bears, but equally as well. This could mean that the rally is on hold for a very short term. However, the market has prepared the stage for a decisive trend in either direction.

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BTC price Historical Data Suggests $173K-$461K by 2025

However, observers do not believe that Bitcoin’s short-term vertical move has made the cryptocurrency a dead end but rather a long-term opportunity.

Recently popular cryptocurrency analyst Ali Martinez shared a forecast. He said that Bitcoin could reach a new high between $173,779 and $461,862 in October 2025. Martinez based the forecast on the four-year Bitcoin halving cycles. These cycles have previously been followed by unprecedented rise in Bitcoin pricing.

The monthly chart also substantiates Martinez’s assertion on the fact that previous cycles of Bitcoins have been exponential in nature. According to him, the current rally seems to mimic all the first two phases of the past BTC bull markets. Bitcoin has always moved in higher high formation. As Martinez predicted, this current rally may very well open the door to new never before seen price levels.

Technical Analysis Highlights Bullish Momentum

From a technical viewpoint Bitcoin is still well placed even after the small bearish trend we saw in the past few days. On the macro level, the monthly chart depicts continuing bullish pressure with an accompaniment of higher volumes in the last few weeks’ price up move.

Fibonacci retracement levels as illustrated in Ali’s chart shows additional levels of extension that accord with Martinez’s upper rate of $461,862. These levels were used here to present a possible outline of potential price targets as long as Bitcoin remains on its current path.

But, for the short-term traders the trends should be interpreted with some degree of circumspection. At $99,000, resistance has emerged strongly and Bitcoin needs to claim a clear break over this level in order to target $100k.

On the negative side, $97,000 needs to hold the Bitcoin price. If this support gives way, it could lead to an even deeper decline to the $95,000 to $97,000 zone.

The 4hr chart also demonstrates how important these levels are as price action has slowed after the initial move up. As long as volatility continues to cause wild price swings, traders should pay close attention to where volume emerges, and the heights and lows of key support and resistance levels where the next serious move may happen.