The Bitcoin market has kicked off 2025 with a positive start, seeing gains of over 5% in the first four days of the year. This surge in bullish momentum has set the stage for Bitcoin to test the crucial $99,900 mark, which could have a significant impact on its short-term price direction.
In a recent post on X, crypto analyst Plan D highlighted that Bitcoin is currently forming a “moon flag” pattern, with a key resistance level at $99,900. The “moon flag” pattern is similar to a bull flag, signaling a potential breakout and further price increases. A bull flag typically occurs during an uptrend, characterized by a period of consolidation followed by a price uptick.
According to Plan D, if Bitcoin successfully breaks and maintains above $99,900, it could see a sustained rally towards $108,000. However, failure to surpass this level could confirm a bear flag pattern, indicating a downward movement. In this scenario, Bitcoin might drop to $78,000, representing a potential decline of 20.3% from its current price and 27.7% from its all-time high of $108,268.
While altcoins are currently attracting investors with declining Bitcoin dominance, Plan D emphasized that the crypto market’s upward trajectory is contingent on Bitcoin surpassing the $99,900 level.
On the price front, Bitcoin is currently trading at $97,903, reflecting gains of 0.72% and 3.95% in the last one and seven days, respectively. Despite a slight monthly loss of 0.77%, Bitcoin remains in a positive zone overall. Traders on Binance have been booking profits, as seen in the decrease in long positions from 66.33% to 56.85%. However, long positions still outnumber short positions by 13.7%, indicating confidence in Bitcoin’s uptrend.
With Donald Trump’s inauguration on the horizon, the bullish sentiment in the Bitcoin market is expected to strengthen further. Many believe that the incoming US President will lead a cryptocurrency-friendly administration, based on his campaign promises.
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