BTC surged above the $100,000 mark again yesterday after a slight correction earlier this week. BTC briefly broke above the previous high of $110,800 in the early morning but has since pulled back, currently trading at $100,644, up 4.6% in the last 24 hours.
If it can successfully break through again after the volatility, it could challenge the historical high of $104,000.
Analyst: Historic BTC Breakout Not Yet Confirmed
Although BTC has surged above $100,000 again, Fairlead Strategies founder and technical analyst Katie Stockton warned investors in a recent research report that BTC had previously broken above $100,000 but failed to hold that level, so the historic breakout has not yet been confirmed.
Instead, a "BTC false breakout" could lead to a short-term bearish performance in the cryptocurrency market:
The short-term upward momentum appears to be weakening, and there are signs of headwinds intraday, so BTC may need some time to consolidate before resuming its uptrend.
Where Are the Key BTC Support Levels?
Stockton also pointed out that investors should now focus on two key BTC support levels: the 20-day moving average ($97,233) and the 50-day moving average ($85,342) as of Tuesday morning. If BTC falls below the first support, the price could continue to drop by 13%; if the second support is also breached, it could fall to around $73,800, a 24% decline.
Although this predicted correction is significant, Stockton said lower support levels are unlikely to appear in the short term, and she remains bullish on BTC:
Our medium-term indicators are still pointing upward, so a severe correction is probably unlikely, and any potential price correction would be temporary. BTC could continue to rise as the market moves into 2025.
