
Bitcoin (BTC) is consolidating just below the $100,000 level, suggesting that the bulls are not rushing to the exit as they anticipate the uptrend to continue. Global Macro Investor founder and CEO Raoul Pal posted a chart on X suggesting that Bitcoin could form a local top above $110,000 by January.
Several analysts remain bullish for the next year. Fundstrat Global Advisors co-founder and head of research Tom Lee said that Bitcoin could skyrocket to $250,000 in 2025.
Crypto market data daily view. Source: Coin360
It is not only Bitcoin that is hogging the limelight. Traders seem to be gradually shifting their focus to altcoins. Popular analyst Mikybull Crypto said in a post on X that Bitcoin’s dominance has broken below its two-year support line, indicating that the crypto markets are “officially in altseason.”
Could Bitcoin rise above $100,000, triggering a further rally in altcoins? Let’s look at the top 5 cryptocurrencies with a strong chart structure.
Bitcoin price analysis
Bitcoin is facing resistance near the psychologically crucial level of $100,000, but a positive sign is that the price remains above the uptrend line.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day exponential moving average ($92,114) and the relative strength index (RSI) in the positive territory indicate that the bulls are in control. That increases the likelihood of an upside breakout above $100,000. If that happens, the BTC/USDT pair could climb to $113,331 and later to $125,000.
Sellers will have to tug the price below the 20-day EMA to weaken the bullish momentum. The pair may then fall to $85,000, which is likely to attract buyers.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The moving averages on the 4-hour chart have flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. The pair may consolidate between $100,000 and $90,000 for some time.
A break and close above $100,000 indicates that buyers have absorbed the selling pressure. That may start the move to $113,331. On the other hand, a break below $90,000 could tempt short-term buyers to…
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