According to Deep Tide TechFlow news, on November 27, as reported by Business Insider, 21Shares cryptocurrency research strategist Matt Mena stated that the $100,000 mark for Bitcoin is an important psychological resistance level, and many holders since the last bull market have chosen to take profits at this level. This price action pattern is similar to when Bitcoin approached the historical high of $69,000 in June 2021. At that time, Bitcoin lingered around that price level for nearly 7 days before breaking through, as participants from the previous cycle expected a pullback and chose to take profits.
Regarding the market outlook, Mena expects Bitcoin may further pull back to the support level of $80,000, which will help the healthy development of the market. Prior to that, the first key support level below $90,000 is at $87,000. Options market data shows that traders of contracts expiring in December are generally betting that Bitcoin will reach $80,000.
Nevertheless, Mena remains optimistic about the market at the end of the year, predicting that Bitcoin will reach the range of $110,000 to $120,000. He explained that during the holiday season, investors often share their Bitcoin and cryptocurrency investment experiences with family and friends, which could attract new investors. Additionally, the market is full of anticipation for Trump's second term. Mena believes that before the presidential inauguration in January next year, investors may exhibit a 'rush' behavior, which could provide momentum for Bitcoin to break through the $100,000 mark.
