“Bitcoin’s Explosive Comeback: Analyst Predicts $130K Surge After ‘Historic Breakout’!”

Bitcoin Breaks $100K Barrier: Correction, Recovery, and What’s Next

Bitcoin’s historic breach of the $100,000 mark has captured global attention. The world’s largest cryptocurrency by market capitalization surged to an all-time high (ATH) of $103,600, only to see a sharp retrace before stabilizing. While this dramatic price action rattled some investors, seasoned analysts argue it’s part of a larger, bullish narrative.

Here’s a closer look at Bitcoin’s journey beyond $100K, the key support levels to watch, and what might lie ahead.

BTC’s Historic Rally: $100K Finally Falls

On Thursday, Bitcoin made history, smashing through the long-anticipated $100,000 milestone with an 8% daily surge. The breakout from a month-long bullish pennant culminated in a peak price of $103,600, a level many in the crypto world had been eyeing for years.

However, as with any parabolic move, the market quickly corrected. BTC retraced to $98,000, before a sharper drop saw it touch the $90,000 support zone. This 13% correction marked the steepest pullback in Bitcoin’s month-long rally, triggering roughly $1 billion in liquidations — the largest since August.

Despite the pullback, Bitcoin quickly regained momentum, climbing back to the $97,000-$98,000 range. By Friday morning, it was already retesting the $99,000 level, with analysts pointing to key technical levels that could dictate its next move.

Key Support Zones: The $96,870 Line in the Sand

According to prominent crypto analyst Ali Martinez, Bitcoin’s ability to maintain its rally hinges on a critical support zone around $96,870. This level holds significant weight, as blockchain data reveals that over 1.45 million addresses purchased approximately 1.42 million BTC at this price.

Martinez stated:

> “As long as this demand zone holds, there is a good probability that BTC will continue marching higher.”

This support zone serves as a psychological and technical buffer, and it’s one of the strongest levels underpinning Bitcoin’s price action. Should BTC stay above this range, bulls may have the momentum to push it higher.

How High Can Bitcoin Go? Targets Point to $112K and Beyond

While Bitcoin’s $103,600 high was impressive, Martinez argues that it may not be the local top. His analysis points to a target of $112,926, based on the Short-Term Holder Cost Basis +1 standard deviation metric.

If his prediction is correct, Bitcoin could see another 13% rally from its current position before experiencing another significant correction. This would be in line with previous bullish runs, where local tops often overshoot initial expectations.

Other analysts are also bullish. Jelle, a well-known crypto trader, sees Bitcoin “following the Q4 2023 fractal closely.” He notes that after the liquidity grabs on both sides of the $100K range, Bitcoin is primed for another push higher.

Will BTC Repeat 2017’s Parabolic Move?

History doesn’t repeat itself, but it often rhymes — and Bitcoin’s price action bears similarities to its famous 2017 bull run. Back then, BTC surged past $10,000, hit $11,000, and then plummeted to $8,500. Within days, Bitcoin rebounded and flipped $10,000 into support.

What happened next was nothing short of spectacular. Over the following weeks, BTC skyrocketed by 90%, peaking at the legendary $19,000 ATH.

Jelle sees echoes of that cycle in today’s market:

> “Yesterday’s $100,000 candle is eerily similar to the one we saw when BTC first surpassed $10,000 in 2017.”

He expects Bitcoin to range for a short period before the “true breakout” happens, potentially around Christmas. If the 2017 playbook holds true, BTC could be on a path toward a new major leg up — with potential targets as high as $130,000.

What’s Next for Bitcoin? Eyes on the $130K Mark

After a turbulent but ultimately bullish week, Bitcoin appears poised for its next big move. The rapid recovery after the $90K dip suggests strong demand, with whales and institutions likely buying the dip.

Analysts now see $130,000 as the next major target, with the $96,870 support acting as a key inflection point. If Bitcoin repeats its 2017-style rally, a surge toward this target could happen faster than many expect.

For now, Bitcoin trades around $101,050, up 4.7% on the week, with bulls eyeing a return to the six-figure zone. All eyes will be on BTC’s ability to hold support — and whether it can deliver one final Christmas surprise for crypto investors worldwide.

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