Katie Stockton, founder and technical analyst at Fairlead Strategies, pointed out in a research report this week that after Bitcoin first broke through the $100,000 barrier, it did not stabilize at that level and experienced a pullback. Therefore, it cannot be said that Bitcoin has confirmed a breakthrough of this historic level.
After experiencing a pullback earlier this week, Bitcoin surged again yesterday, breaking above the $100,000 mark. Earlier, BTC briefly exceeded last week's high of $110,800 at six o'clock in the morning before retreating, currently reported at $100,644, with a nearly 24-hour increase of 4.6%.
If it can successfully break through again after the consolidation, it is expected to challenge the historic high of $104,000.
Analyst: The historic breakthrough of Bitcoin has not yet been confirmed.
Although Bitcoin has once again surged above the $100,000 mark, Katie Stockton, founder and technical analyst at Fairlead Strategies, reminded investors in a research report earlier this week that after Bitcoin first broke through the $100,000 barrier, it did not stabilize at that level and experienced a pullback. Therefore, it cannot be said that Bitcoin has confirmed a breakthrough of this historic level.
Conversely, a 'false breakout' of Bitcoin may trigger weak performance in the cryptocurrency market in the short term.
The short-term upward momentum appears slightly weak, and there have been headwinds during the day. Bitcoin may need some time to consolidate before resuming its upward trend.
Where is the key support level for Bitcoin?
At the same time, Katie Stockton added that investors should currently focus on two key Bitcoin support levels, namely the 20-day moving average (97,233 USD) and the 50-day moving average (85,342 USD) as of Tuesday morning. If Bitcoin breaks below the first support level, the price may continue to decline by 13%; if the second support level is also lost, it may drop to around 73,800 USD, resulting in a decline of 24%.
Although this forecast indicates a significant pullback, Katie stated that a lower support level is unlikely to appear in the short term, and she remains bullish on Bitcoin.
Our medium-term indicators still show an upward trend; a severe pullback may not occur, and any possible price correction will likely be brief. As the market moves into 2025, Bitcoin may continue to rise.
