FameEX Hot Topics | Traders Say BTC Must Regain $106K for New Price Discovery Phase

Crypto market observers suggest that Bitcoin needs to reclaim the $106,000 level to confirm another uptrend, while some believe a drop to $85,000 remains a possibility. Pseudonymous trader Pentoshi noted that reaching $106,000 could trigger a new phase of price discovery. This level is seen as critical for establishing a clear upward trajectory.

However, Pentoshi also highlighted a potential downside scenario. If Bitcoin falls below the $92,000-$94,000 support range, the next key support could be $85,000, a level not seen since mid-November. This sentiment echoes recent comments from crypto analyst AlejandroBTC, who suggested that Bitcoin’s current trajectory might lead it down to the $85,000 mark. Despite these warnings, Pentoshi maintains a cautiously optimistic outlook, stating that as long as Bitcoin remains above its support levels, the overall bias remains bullish.

Some analysts, though, view $85,000 as an overly optimistic floor and caution that Bitcoin’s price could drop even further before regaining strength. Pseudonymous trader Mister Crypto told his followers on X that $90,000 is his signal to re-enter the market, while trader Donny described the Bitcoin chart as well-constructed but emphasized the importance of the broader context, noting that the coming weeks will provide crucial insight into Bitcoin’s next move.

Another voice in the community, AshCrypto, predicted that Bitcoin might reach a new all-time high by March, citing historical trends that show March delivering an average return of over 13% since 2013. Bitcoin’s previous all-time high of $109,000 was achieved on January 20, just before Trump’s inauguration. While some traders are focused on these short-term patterns, others remain steadfast in their long-term projections.

ARK Invest CEO Cathie Wood, for instance, expressed confidence in Bitcoin’s long-term potential. Despite recent market fluctuations, Wood reaffirmed her belief that Bitcoin could hit $1.5 million by 2030. She attributed her optimism to the growing institutional acceptance of Bitcoin as an asset class, which she believes strengthens the long-term bull case. 

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.