finbold.com
Bitcoin (BTC) has finally flipped the $70,000 resistance into a support zone, and most market participants anticipate that the momentum will likely target $100,000.
Amid this anticipation, a cryptocurrency analyst has shared insights on what Bitcoin’s technical setup means for the possibility of claiming the $100,000 spot.
While Bitcoin clinching the $70,000 spot is a highly bullish move, it needs confirmation to establish a stable uptrend likely to push the price to $100,000, according to an Alan Santana analysis published on TradingView on October 29.
Santana highlighted the importance of Bitcoin holding above this level through the end of the week to validate a “higher high,” something the market hasn’t seen in the last three months.
Bitcoin key price levels to watch
Without sustained momentum above $70,000, the expert cautioned that the current move could be a “bull trap. As stronger confirmation, Santana further suggested waiting for a weekly and monthly close above the $70,000 to $71,000 range.
The concern of a possible correction is further elevated because, despite the recent gains, Bitcoin’s trading volume remains low, a factor often associated with weaker trends.
Resistance levels around $72,000 and $74,000 could also challenge Bitcoin’s ascent. According to the Santana analysis, amid the growing optimism, the path to $100,000 is far from guaranteed without decisive technical support.
“Bitcoin just touched the $70,000 resistance and it even moved above the 29-July peak price which sits at $70,050. Does this means that $100,000 is now guaranteed? What happens now? Moving above 70,000 is definitely a major milestone and a bullish development but we would need confirmation first,” he said.
Indeed, the analyst remains bullish on Bitcoin’s long-term prospects. However, he has maintained that the cryptocurrency will likely see a near-term correction, possibly dropping below $40,000 before rallying.
For instance, as reported by Finbold, the analyst warned that the highly anticipated ‘Uptober’ momentum might turn into a ‘Downtober’ based on historical price movements. This concern emerged when Bitcoin struggled to breach the $70,000 resistance zone.
In a bullish case, Santana sees Bitcoin hitting a high of $130,000, potentially rising to the $155,000 to $200,000 range by early 2025. Such long-term prospects are backed by $119 billion VanEck, which predicts that Bitcoin will likely reach $3 million per coin by 2050, positioning it as a global reserve asset.
Meanwhile, Bitcoin surpassed $70,000 for the first time since July 29, with investors awaiting the impact of the upcoming United States elections. In this context, a win for Donald Trump is considered a bullish sentiment for the leading digital asset.
What next for Bitcoin price
Looking at Bitcoin’s next move, crypto trading expert Ali Martinez noted in an X post on October 29 that pushing above $70,500 would set the next target at $84,200.
This projection is based on Bitcoin’s MVRV (Market Value to Realized Value) Pricing Band, which evaluates the asset’s market cap relative to the value of coins based on their last movement.
At press time, Bitcoin was trading at $71,220, having increased by over 3% in the last 24 hours and more than 6% in the past week.
As Bitcoin crosses the $70,000 mark, anticipation is high that it may reclaim the last record high above $73,000 and target $100,000. However, for this target to be achievable, Bitcoin bulls need to strive to breach the $74,000 resistance.