Why The Bitcoin Price Might Never Drop Below $100,000 Again

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst PlanB has explained why the Bitcoin pricemay never drop below $100,000 again. This comes as market participants continue to speculate on whether the flagship crypto could fall below this psychological level if a full-blown bear market were to occur.  Bitcoin Price Has Likely Turned $100,000 Into Support

PlanB stated in an X postthat he will not be surprised if the Bitcoin price does not drop below $100,000 again as the market witnesses the $100,000 resistanceturn into $100,000 support. The analyst further noted that the September close was the fifth consecutive monthly close above that psychological price level.  Related Reading Here’s The Best Time To Buy Bitcoin As Impulse Wave Sets Path To $150,000 2 days ago

PlanB stated that the same thing happened when the Bitcoin price was trading at $10,000, $1,000, $100, and $10. The analyst’s remarks came as he noted that 63% of people think that Bitcoin will drop below $100,000. Notably, there were more calls for a drop below $100,000 towards the end of September when BTC dropped to as low as $108,000. Crypto influencer Ansem was among those who predicted that the flagship crypto would likely retest$90,000.  Source: Chart from PlanB on X

However, the Bitcoin price has since staged a remarkable comeback from the $108,000 lows, rallying to a new all-time high (ATH)above $126,000 to start the month. As a result, BTC is already up 7% to start the month, with October notably the flagship crypto’s second-best performing month after November, based on historical data. 

It is worth noting that the Bitcoin price has traded above $100,000 since May 8 and has now been above this psychological level for over 150 days, its longest streak. Meanwhile, market participants are currently betting that it will likely stay this way. According to Polymarket data, there is only a 25% chance that BTC will drop below $100,000 by the end of this year.  BTC Bull Market Still On

Crypto analyst Titan of Crypto declaredthat the crypto market is still on and questioned why market participants were in a rush to call the top. The analyst noted that the Stoch Relative Strength Index (RSI)crossovers keep aligning with strength. He added that the chart will tell them when the bull run is over, but for now, that is not the case.  Related Reading Bitcoin’s 2021 Playbook Shows The Final Price Target For This Bull Cycle 3 days ago

In another analysis, Titan of Crypto revealed that the Bitcoin price continues to print higher highs and higher lows. Based on this, he raised the possibility that BTC could rally to as high as $160,000 by the end of the year. This aligns with predictions by JPMorganand Standard Chartered, which predict that BTC can reach $165,000 and $200,000, respectively, by year-end. 

At the time of writing, the Bitcoin price is trading at around $122,000, up in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $121,768 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com