A cryptocurrency trader who goes by the pseudonym Pentoshi believes that a rise in the price of Bitcoin to $106,000 will lead to a resumption of the bull rally that stopped in December 2024.
The support zone is in the range of $92,000 to $94,000. A return [of the BTC price] to the $106,000 level will most likely lead to further price appreciation. Otherwise, the coin’s rate will likely fall to the next support barrier in the $85,000 region, Pentoshi wrote.
Support and resistance barriers on the Bitcoin chart published by Pentoshi
Pentoshi believes that as long as the bears fail to break the $92,000 support, traders will remain positive. However, breaking this barrier will cause the BTC price to crash to $85,000, a level not seen since November last year.
One commenter asked Pentoshi a reasonable question about what would serve as a catalyst for Bitcoin to rise to $106,000. The trader responded that the coin could rise in price even without factors that would cause a bullish trend to start, if demand for the cryptocurrency increases significantly.
Another crypto community member questioned the possibility of Bitcoin rising to $106,000 in the medium term because people trading in the derivatives market are predominantly short. Pentoshi countered that market makers could liquidate shorts in a single day if they wanted to. Thus, the future of BTC will depend entirely on the will of crypto whales, especially if new circumstances, such as the creation of a reserve, do not affect the situation. Bitcoin-fund in the USA.