The current bearish phase of the crypto market has continued, with Bitcoin, the largest digital asset struggling to reclaim key levels such as the pivotal $100,000 mark. While the community anticipates another rally for BTC, analysts point to areas that are crucial and may spur an upsurge for the asset to new highs.
Key Level Stands Between Bitcoin’s Next Rally
After reaching a new all-time high last month, Bitcoin has been faced with bearish pressure, which has hindered the asset from revisiting the level. However, market expert and investor Mags highlights that a crucial barrier point that traders are keeping a careful eye on will determine whether BTC will reclaim its current peak or rise to fresh all-time highs.
Specifically, the critical resistance level pointed out by the market expert is the $99,500 range. Even with the recent slight bullish momentum, Bitcoin needs to recover and stay above the key level to confirm a breakthrough and sustain an upward movement.
Delving into BTC’s recent price action, Mags stated that its price has been maintaining sideways movements for the past few days. It is also trading below a mid-range as seen in the chart shared by the analyst.
According to Mags, BTC has already been tested with a fast wick at the low range. On the other hand, the expert anticipates a proper retest prior to the next top move for Bitcoin. As a result, he believes that a price flip of $99,500 is vital for BTC upswing to a higher level.
While Mags looks forward to a BTC rally, he noted that sideways movements are likely to last a little longer before the subsequent move up, which should be the last push for the asset. With the current bearish pressure, BTC’s failure to break through and hold this level could lead to an extended consolidation or notable pullbacks in the short term.
Looking at Mags’ chart, the anticipated breakout is capable of triggering a massive bullish wave to as high as nearly the $130,000 mark. A move to the range will confirm its potential to target higher price levels before the ongoing bull market cycle comes to an end.
BTC’s Market Top Could Be Happening Anytime Soon
Mags hints at this ongoing cycle coming to an end soon and BTC achieving its market park in the upcoming months. Bitcoin’s peak has historically occurred about 233 to 330 days after surpassing its previous all-time high.
Considering past cycles, BTC seems capable of experiencing growth despite waning conditions. Furthermore, the expert has pinpointed Bitcoin’s market top between the third and fourth quarters of this year.
His chart shows that BTC’s may peak at around $350,000 in the coming months. The asset recently underwent a price breakout, which may have set the stage for a path to a new all-time high and market top.
Featured image from Unsplash, chart from Tradingview.com
