Bitcoin Must Hold $32K Support to Prevent Bears from Taking Over: Analyst

TL;DR

1. Bitcoin’s Rise to $100K: Analyst DonAlt predicts Bitcoin could reach $100,000, influenced by the 2024 BTC Halving, with potential highs up to $110,000 by 2025-2026 following a 150% rise this year.
2. Short-Term Volatility Concerns: DonAlt cautions about short-term risks, emphasizing the importance of Bitcoin staying above $32,000 to avoid a bearish trend.
3. On-Chain Metrics Analysis: Recent increases in Bitcoin exchange netflow suggest possible selling pressure, while a decrease in open interest indicates lower upcoming volatility.

Here is When Bitcoin (BTC) Might Reach the $100K Level

Bitcoin’s rally has been more than evident this year, with its price rising approximately 150% since January 1. The impressive performance has given numerous experts and analysts the opportunity to predict whether the asset has a chance of skyrocketing to the coveted mark of $100,000.

One person who believes such a scenario could be in the cards is DonAlt, who stands behind the popular YouTube channel Technical Roundup. He said the upcoming BTC Halving (scheduled for April 2024) could act as a catalyst and propel a price jump of over $100K:

“Maybe we do something like this before we go lower again – like $90,000, $100,000 [or] $110,000 toward 2026 or 2025 wouldn’t surprise me, but it’s what I think you could be looking at on the Bitcoin front.” 

On the other hand, the analyst warned about the risks in the short term, arguing that BTC’s valuation could plunge in the near future and experience rapid price swings.

“The monthly [chart] is still looking okay. The only thing that you need is this area [$32,000] to hold. If this area [$32,000] doesn’t hold, that’s where you flip bearish. It’s pretty much the high time frame signal that we had here at $60,000,” he added.

Those curious to check other interesting BTC price predictions could take a look at our dedicated video below:

Taking a Closer Look at BTC On-Chain Metrics

DonAlt is not the analyst envisioning BTC’s price going up through the roof after the halving next year. However, it is worth observing the current condition of the leading digital asset and its potential trajectory in the short term.

According to data presented by CryptoQuant, Bitcoin exchange netflow has charted some massive green candles in the past week. Shifting from self-custody methods to exchanges could be considered a bearish event as it increases the immediate selling pressure. 

In addition, Bitcoin’s open interest has been on a downfall lately, suggesting the asset could experience less volatility in the near future.