Bitcoin approached the $100,000 milestone on Friday, coming within $300 of the symbolic level, but retreated to a low of $95,780 on Sunday. It has since retraced lower slightly, trading at $95,154, down 2.90% in the last 24 hours.
Earlier, the rally was fueled by optimism surrounding the crypto market, as traders capitalized on the bullish sentiment. The near miss of the six-figure mark remains significant for supporters, symbolizing a challenge to skeptics who doubt Bitcoin’s intrinsic value.
Bitcoin’s price has surged 40% since breaking out of a long-term channel in November, reaching a new all-time high of $99,800 on Nov. 22. Currently, BTC might test the $100,000 level.
Historical patterns suggest a bullish continuation. In prior cycles, Bitcoin’s monthly RSI crossing of 70 triggered parabolic rallies lasting approximately 396 days. If the trend repeats, the current cycle could peak in November 2025, with a potential top near $140,000.
Wave analysis predicts near-term targets of $110,000 and $125,250, driven by parabolic support and Fibonacci extensions. The final wave of the current cycle may reach $145,110 before a significant correction begins.
These projections align with RSI data and long-term chart analysis, suggesting further upward momentum before the cycle concludes.
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