Bitcoin Price Analysis: Will BTC Reclaim $100K Soon?

After a brief dip to around $92,400, the Bitcoin price has been consolidating below $95,000 for the past few days. These levels are crucial for the price to make a comeback and reach $100,000. While the technical indicators don’t show an immediate rebound, the overall market sentiment remains bullish, indicating a potential uptrend in the near future.

In the short term, Bitcoin’s price has been forming lower lows and lower highs, signaling the increasing strength of bears in the market. The price has also broken out of a rising parallel channel, further supporting the bearish outlook. However, a fake breakout could trap bears at lower levels, leading to a potential trend reversal as investors continue to accumulate instead of panic selling.

According to data from Glassnode, the accumulation trend score has been steadily increasing since November, indicating strong buying interest among market participants. While there has been some recent distribution following a sell-off, the levels remain within a bullish range, suggesting a potential rebound in the near future.

What’s next? Will BTC price Reclaim $100K Before the End of 2024?

Despite breaking out of the bullish range, Bitcoin continues to trade within a bullish territory, with strong support at $92,100. As we approach the end of the year, bulls are expected to take control and initiate a significant uptrend.

The chart above shows Bitcoin’s price breaking below the support of a rising parallel channel, indicating bearish momentum. Despite average buying volume, the price remains within a tight range. The DMI is approaching a bearish crossover, with the ADX moving lower.

Moreover, the OBV indicator suggests a shift from bullish to bearish as it maintains a downward trend. The current technicals point towards a potential pullback to $92,000, with a rebound likely leading to a $100,000 price target. However, a drop below $90,000 could be on the horizon if support levels are breached.