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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains
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Breaking News: Crucial Role Of The CLARITY Act In Avoiding A New October 10 Crypto Crash, Expert Explains

Bitcoin Price At $100,000: Road To More Gains Or Potential Bull Trap? Analyst Has Answers

Scott Matherson
Scott Matherson
Last Updated: December 5, 2024 11:30 pm
3 mins read
Is Bitcoin Bull Market Just Beginning? Leveraged Bets Suggest Big Moves Are Coming

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The Bitcoin price has soared above $100,000 for the first time ever, sparking optimism among market participants. In line with this development, crypto analyst Xanrox has provided insights into whether more gains lie ahead for Bitcoin or whether this rally above $100,000 could be a potential bull trap.  

What Next For Bitcoin Price Following Rally To $100,000

In a recent TradingView post, Xanrox suggested that the Bitcoin price will unlikely enjoy a sustained rally for now. He explained that this is unlikely because a sustained rally could easily put Bitcoin at $600,000 by December 2025, which is impossible. As such, he believes that BTC would need to slow down.  

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Bitcoin price 1
Source: TradingView

The analyst further noted that the Bitcoin price hasn’t made any bigger correction in the past weeks, which is one reason why he is not looking to buy BTC anytime soon. Xanrox remarked that the market needs to see a shakeout and a flash crash first before anything else. He suggested that Bitcoin could drop to as low as $85,000 when this correction finally happens. 

Xanrox stated that the $85,000 level is a very reasonable support because it is the end of the massive FVG (fair value gap) on the daily candles. He added that this target is also the start of the first price action on the volume profile. The crypto analyst revealed that this is the level at which he is looking to buy Bitcoin. 

The crypto analyst indicated that this Bitcoin price rally to $100,000 is a bull trap, as he highlighted a symmetrical triangle on the four-hour chart. He said this looks like a bull trap for retail traders because everyone would buy the breakout. As such, he envisages that Bitcoin would make a last push to sweep liquidity. 

A Major Correction Might Not Come Anytime Soon

On the other hand, crypto analyst Ali Martinez has offered a diverging opinion, suggesting that a major correction might not come anytime soon for the Bitcoin price. In his recent X post, he alluded to a previous post in which he stated that the current bullish cycle is very similar to the ones in 2017 and 2020. 

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If this pattern holds true, Martinez predicts that the Bitcoin price won’t suffer its first major correction of between 15% to 30% until its hits $135,000 or even $159,000. Meanwhile, the accompanying chart put the market top for Bitcoin at $240,000, indicating that it will still have more room to move the upside even after this correction. 

Bitcoin price 2
Source: TradingView

At the time of writing, the Bitcoin price is trading at around $102,800, up over 6% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC breaks $100,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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