As Bitcoin rises above $92,000, having previously dipped to $84,500, cryptocurrency market analysts are once again optimistic about its recovery and are targeting six figures.
“This is exactly what you want to see. [Bitcoin] started to rebound after a strange drop on the 1st of this month,” said Michaël van de Poppe, founder and analyst at MN Fund, on Tuesday.
He added that it is “crucial” for Bitcoin to break through $92,000.
Van de Poppe compared Bitcoin's current price situation to its previous cycle and questioned whether its recent drop was the final washout.
“During Bitcoin's recent crash, all indicators were excessively extended downward, which means the intensity of this drop was greater than during Luna, FTX, and the COVID pandemic,” he said.
According to TradingView, on Wednesday morning, Bitcoin reached a 24-hour high of $93,040 on Coinbase. It has recovered all losses from the past two days, following a leveraged washout on Sunday night that caused its price to evaporate by $8,000.
Nick Ruck, head of LVRG Research, told Cointelegraph that he is confident Bitcoin will reach six figures again in the coming months.
He said, “As the regulatory landscape continues to evolve and institutional adoption by the end of 2025 becomes more apparent, Bitcoin's resilience is increasingly evident. We see a compelling path for it to return to the $100,000 mark in the coming months.”
Ruck added that Bitcoin's rise will be driven by “macro tailwinds,” such as the renewed possibility of Federal Reserve rate cuts and the return of ETF inflows.
In a blog post prior to the rebound, analysts marked the $86,000 to $88,000 range as a critical support area that must be maintained.
“This level has withstood 60 tests in recent months without being broken, so its loss would be particularly significant,” analyst “Crazzyblockk” stated.
“Trading above shows reduced selling pressure, as active traders maintain profitable positions,” they added. The upcoming week is crucial, and holding this level will maintain the structure.
At the time of writing, Bitcoin was trading slightly above $92,700, having risen 7% in the past 24 hours.
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Original: “Bitcoin (BTC) Soars to $93,000 After Sunday Pullback, Analysts Eye $100,000 Mark”
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