Bitcoin is witnessing a wave of renewed confidence in its potential for recovery, as market analysts set their sights on the cryptocurrency reaching six figures. After experiencing a dip to $84,500, Bitcoin has surged past $92,000. "This is the kind of movement you'd expect," remarked MN Fund founder and analyst Michaël van de Poppe on Tuesday. He emphasized the importance of Bitcoin breaking the $92,000 barrier, stating, "If that level is surpassed, we might soon witness a new all-time high and a test at $100,000."
Van de Poppe drew parallels between Bitcoin's current price dynamics and its past cycles, pondering if the recent decline signaled the final shakeout. "All indicators have stretched to the downside during Bitcoin's latest crash, suggesting this downturn was more severe than those triggered by Luna, FTX, or even COVID," he noted. On Wednesday, Bitcoin reached a 24-hour high of $93,040 on Coinbase, according to TradingView data. It has managed to recover all losses from the previous two days, which were caused by a leverage flush late on Sunday that slashed $8,000 from its value.
Nick Ruck, director at LVRG Research, shared with Cointelegraph his belief that Bitcoin will soon hit six figures again. "Bitcoin's resilience, amid changing regulatory environments and increasing institutional adoption expected by late 2025, presents a strong case for it to reclaim the $100,000 mark in the upcoming months," he said. Ruck further mentioned that this upward trend would be fueled by macroeconomic factors, such as potential Fed rate cuts and renewed ETF inflows.
Before the rebound, analysts pointed to the $86,000 to $88,000 range as a critical support zone that needed to hold. Analyst "Crazzyblockk" explained, "This level has withstood sixty tests in recent months without breaking, making any breaches particularly noteworthy." Trading above this zone indicates diminished selling pressure, as active traders maintain profitable positions. The upcoming week is pivotal; maintaining this level supports market structure, while falling below it could trigger a shift from accumulation to distribution.
At the time of writing, Bitcoin was trading at just over $92,700, marking a 7% increase over the past 24 hours.