- Bitcoin maintains bullish momentum above $90,000.
- Analyst assesses BTC’s potential to retrace before reaching $100K.
- Retracing before surging to $100K is not sacrosanct for Bitcoin.
Bitcoin (BTC) remains bullish despite retracing slightly from its new all-time high of $93,483. The cryptocurrency pulled back after reaching new heights but is holding above $90,000 amid speculation of a potential pullback before heading toward $100,000.
In a recent podcast, a cryptocurrency analyst highlighted the potential implications of Bitcoin continuing upward without retesting recent support of around $87,000. The analyst explained the risks involved, citing Bitcoin’s potential to eventually drop to the identified support even after claiming the $100,000 landmark.
The analyst identified $100,000 as a psychological level where the cryptocurrency could experience a pullback. He believes that retesting the $87,000 support before surging to $100,000 would reduce Bitcoin’s retracement risk. A dip from the current price would allow bulls to reinvest and accumulate more.
Bullish Sentiment Remains
The crypto analyst believes the overall Bitcoin sentiment remains bullish, citing the increasing Fear Of Missing Out (FOMO). He expects more retail investors to join the rally.
Apart from Bitcoin, the crypto analyst also highlighted some large-cap memecoins that could see significant gains. The analyst cited upcoming listings on centralized exchanges as a trigger to promote adoption and increase their value.
Read also: Stablecoin Market At $181B To Lay the Foundation for $100K Bitcoin?
The analyst mentioned WIF, BONK, DEGEN, MEW, FLOKI, BOME, TURBO, and NEIRO as memecoins he expects to experience significant adoption soon. He cited the upcoming listing of these memecoins on Coinbase Spot and Robinhood as the tailwind that would trigger their rally in this bull cycle.
Meanwhile, the analyst expressed optimism for DOGE, SHIB, and PEPE despite listing on the identified platforms. He considers them leaders among other memecoins and a force for the community in the current bull cycle.
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Source: https://coinedition.com/bitcoin-retraces-but-100k-still-possible-memecoins-to-rally/