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A crypto trader says a move back to $106,000 is needed for Bitcoin to confirm another uptrend. However, some think a dip to $85,000 is still on the table.
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Crypto traders say Bitcoin reclaiming the $106,000 price level — approximately a 13% jump from its current price — will be key in confirming further upside.
“Back to the range highs of 106k likely leads to a new round of price discovery,” pseudonymous crypto trader Pentoshi said in a Feb. 22 X post.
Bitcoin may retest $85K if current support doesn’t hold
However, Pentoshi said if Bitcoin (BTC) breaks below its $92,000-$94,000 support range, the next key support could be around $85,000, which it hasn’t traded at since Nov. 12. It comes only weeks after crypto analyst AlejandroBTC said it “kinda looks like we’re heading for $85K.”
At the time of publication, Bitcoin is trading at $96,350, as per CoinMarketCap data.
Bitcoin is trading at $96,340 at the time of publication. Source: CoinMarketCap
However, Pentoshi remains more bullish on the upside.
“For now, have to remain in a bullish bias as it hasn’t broken down and we’ve spent a lot of time in this range now,” Pentoshi said.
Some analysts believe $85,000 is an overly optimistic local bottom, arguing Bitcoin’s price could drop further before regaining momentum.
On Jan. 27, BitMEX co-founder Arthur Hayes predicted that Bitcoin could potentially pull back toward the $70,000 to $75,000 range, a move that may trigger a “mini financial crisis.”
Some traders say it’s too soon to call Bitcoin’s next move
Meanwhile pseudonymous trader Mister Crypto told his 136,200 X followers that $90,000 would be his cue to “open up another huge trade again.”
Crypto trader Donny said Bitcoin’s chart looks promising, but it’s still too early to predict the next move.
“BTC seems well constructed. The context is crucial here, and the next few weeks will be telling,” Donny said in a Feb. 22 X post.
Meanwhile, on the same day, pseudonymous crypto trader AshCrypto said Bitcoin is likely to reach a new all-time high by March — a month that has historically delivered an average return of 13.42% since 2013, according to CoinGlass data.
Bitcoin’s all-time high of $109,000 was set on Jan. 20, just before Donald Trump’s presidential inauguration.
Related: Bitcoin faces $100K test: Bull trap or ‘bonafide’ BTC price breakout?
Some industry commentators are sticking to Bitcoin’s long-term outlook rather than short-term trends.
ARK Invest CEO Cathie Wood has increased her odds of Bitcoin hitting $1.5 million by 2030, despite recent market volatility.
“We actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class,” Wood said.
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This article first appeared at Cointelegraph.com News
