BTC Breakout: Will It Soar Past $100K or Sink Below $90K?

Bitcoin (BTC) has recently gained much attention because of its fluctuation, and analysts predict an increase in its price. Analyst Crypto Rover has given a bullish forecast on Bitcoin’s future price. In an X post on Tuesday, he posted a chart describing the current pattern as a bull flag and predicted further upside for the Bitcoin price.

Rover pointed out that the liquidity is accumulating above $100,000, and with short sellers in the area, a short squeeze may propel the price of Bitcoin up. He has set a short-term price target of $110,000 because of the trend line on the chart and the growing power of Bitcoin.

Polymarket’s Bitcoin Sentiment

Polymarket data also strengthens Rover’s bullish expectations, with a 62% probability that the BTC price will hit $100,000 before the end of the year. This market sentiment is rising because more and more people believe that Bitcoin is primed for a significant surge.

Rover noted that Bitcoin’s persistence in trading above $95,000 supports the ongoing price appreciation view. The bullish chart pattern, combined with the current market conditions, makes it highly possible for a major price increase in the next couple of months.

On the other hand, analyst Ali has presented a more conservative view. He pointed out that the price may form a head-and-shoulders pattern on the hourly chart, implying a price reversal. According to Ali, this pattern could bring down the price of Bitcoin to $90,000. He noted that the $95,000 level is important because further selling pressure could occur if the price goes below this mark. 

Bitcoin Price at Crossroads

As of press time, Bitcoin trades at $93,945, ranging between $93,000 and $98,000. The cryptocurrency tests key resistance levels above $100,000 while its strong support is near $94,000. Bitcoin is still floating around these key levels so that the next few weeks may be decisive for the market.

The current liquidity is above $100,000, and the technical analysis suggests both bearish and bullish conditions. Whether the bullish pattern will lead to a spike or the head and shoulders pattern will lead to a pullback, it is important to keep an eye on Bitcoin’s price over the next few weeks.