Bitcoin’s recent price movement has sparked attention as the cryptocurrency saw a nearly 10% pullback, yet its long-term trajectory remains optimistic. If Bitcoin holds its current ascending trendline, which has persisted for over two weeks on the daily timeframe, it’s possible to envision a rally to six figures by year-end.
With robust demand sustaining the trend, there’s potential for stabilization through Thanksgiving, with a possible test of support before resuming upward momentum. In this scenario, reaching the $100,000 mark in December seems plausible. Alternatively, if the trendline is breached, Bitcoin might dip to a critical Fibonacci retracement level near $87,500. Even then, a six-figure price could still materialize by late December or early January.
Fibonacci retracement levels are a popular technical tool for identifying support and resistance, and Bitcoin’s recent correction appears minor in comparison to its typical price fluctuations. As of now, #Bitcoin trades at $93,402, about 9% below its all-time high of $99,645 reached on November 22nd, underscoring its characteristic volatility yet resilience.
