In recent weeks, the price of Bitcoin has remained strong above the $95,000 mark, with technical indicators suggesting a potential move towards the $98,000-$100,000 range. Analysts have identified key resistance levels at $97,000 and $98,800, while support levels are located at $95,500 and $94,500.
Notably, Charles Hoskinson, founder of Cardano, has predicted that Bitcoin could reach $250,000-$500,000 within the next 12-24 months, citing institutional inflows and DeFi integration as significant growth drivers. Bitcoin’s price has risen by around 33% in the past month, reflecting growing institutional interest in the cryptocurrency.
Technical analysis shows that Bitcoin has successfully broken out from a contracting triangle pattern on the hourly chart, with the price clearing the $95,500 resistance zone. This move was accompanied by steady trading volume, suggesting genuine buyer interest at current levels. The cryptocurrency’s price action also indicates it is trading comfortably above both $95,500 and the 100-hour Simple Moving Average, indicating healthy market structure.
Market data reveals strong buying pressure at current levels, with Bitcoin reclaiming ground above the 61.8% Fibonacci retracement level. This level marks the correction from the recent swing high of $98,880 to the low of $90,735. Although resistance levels remain ahead, the $97,000 price point represents the first major hurdle, coinciding with the 76.4% Fibonacci retracement level of the recent downward movement.
Charles Hoskinson’s bullish outlook for Bitcoin’s future is based on increased institutional participation and market inflows. As Bitcoin continues to establish itself as a store of value on the internet and integrate with DeFi systems, it has the potential to expand its utility within the broader cryptocurrency ecosystem.
Trading volumes suggest sustained market interest, with both buyers and sellers actively participating at current levels. The market structure indicates accumulated buying pressure below current prices, and recent price action demonstrates Bitcoin’s ability to maintain stability above key support levels, even in the face of routine market fluctuations.
This behavior has contributed to growing confidence among market participants. Should Bitcoin encounter selling pressure, the $93,200 zone represents additional support, with $91,500 marking another key level where buyers might emerge. However, current market conditions suggest limited downside risk.
Overall, the current technical structure of Bitcoin’s price suggests that the cryptocurrency is poised for potential growth, with support levels in place to provide a cushion in case of any potential retracements.
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<p>The post Bitcoin Surges Above $95,000: Analysts Predict $250,000-$500,000 in Next 2 Years 🚀 first appeared on CoinBuzzFeed.</p>
