- Bitcoin’s key support at $97,844.4 may determine its path to a new all-time high.
- RSI indicates neutral to bullish conditions, signaling potential upward momentum for BTC.
- Long-term cycles suggest Bitcoin’s next market top could emerge by October 2025.
The price component specifically with BTC has been showing a lot of volatility already, and many analysts are tracking its performance. According to Michaël van de Poppe, an analyst, the flagship cryptocurrency is capable of attaining another ATH soon.
Based on his analysis of the 4-hour price chart, van de Poppe suggests that Bitcoin (BTC) is currently testing critical support and resistance zones. Further price fluctuations in the subsequent days will define whether BTC can go through the existing resistance level and skyrocket higher.
Current Price Levels and Key Support Zones
Bitcoin is currently trading around $101,651.4, hovering near a significant resistance-turned-support level at $97,844.4. This price point is crucial for maintaining bullish momentum.
If Bitcoin can hold above this zone, it is expected to push higher toward the key resistance at $104,087.7. A breakout above this level could signal the beginning of a new ATH. However, if Bitcoin fails to maintain its position above $97,844.4, it could experience a pullback toward lower support zones.
Support zones at $89,584.4 and $85,327.6 provide further cushions for Bitcoin. These levels could act as critical turning points if the price begins to retrace. The $89,584.4 level, in particular, is seen as a strong support area.
Hence, if Bitcoin fails to stay above the $97,844.4 mark, it may find some relief around this zone. On the other hand, a drop below $85,327.6 could signal a more significant bearish trend.
RSI and Market Outlook
Currently, the Relative Strength Index (RSI) for Bitcoin is pointing to a neutral to slightly bullish territory. Such a state indicates that there is still potential for the price to rise without crossing the overbought levels on Bitcoin. Further, this indicates that Bitcoin price is in a range that might need momentum to approach and possibly pierce through the mentioned key figures in the subsequent months.
Long-Term Market Trends
Looking beyond the immediate price action, Ali Martinez’s analysis points to historical patterns that could provide insight into Bitcoin’s long-term trajectory. If Bitcoin follows the patterns from the 2015 and 2018 market cycles, a peak may occur in October 2025. However, if Bitcoin mirrors the 2011 cycle, the market top could already be in.
Source: X
The different cycles reflect varying levels of growth, with the 2011-2015 cycle showing the highest gains of over 40,000%. In contrast, the 2018-2022 cycle experienced more moderate gains, reaching about 2,000%. Currently, the 2022 cycle+ appears to be following a steady growth pattern, still under 2x gains.
As of publication, Bitcoin’s price is $101,452, with a 24-hour trading volume of $54.28 billion. Bitcoin has risen by 1.02% in the past 24 hours.