Bitcoin (BTC) Price Analysis: Will the Flagship Cryptocurrency Hit a New ATH of $100,000?

With Bitcoin's (BTC) current rally showing no signs of slowing, the asset has surged past key resistance levels, and an analyst has identified crucial price

Bitcoin (BTC) price hit a record high of almost $80,000 on November 11, continuing its rally, and an analyst has outlined the key support levels to watch.

The flagship cryptocurrency hit a record high of $80,000, buoyed by the post-election rally, with the expectation that Bitcoin will target $100,000 next.

Crucial price levels identified

To this end, cryptocurrency trading expert Alan Santana observed that if Bitcoin makes a weekly close above $75,000, it will confirm a bullish bias. Past resistance levels are turning into support, he noted in a TradingView post on November 10.

Based on the technical setup, the $69,000 level, representing the peak of November 2021, remains a key marker acting as strong support. The April 2021 high of $65,000 is another crucial level to watch, and investors should anticipate further gains if Bitcoin maintains its valuation within this range.

“As long as Bitcoin trades/moves above these levels, we are bullish and expect sustained long-term growth. With a bullish Bitcoin, the Altcoins will also grow,” Santana said.

At the same time, Santana highlighted the unique nature of the current rally, noting that whales are at the center of the price movement. On-chain data indicates that billions of Tether (USDT) continued to be minted, indicating increased buying interest.

However, the crypto technical analyst, known as Crypto Patel, suggested that the maiden digital asset’s next stop could be between $150,000 and $200,000, a record high.

But he warned that investors should prepare for a bear market once the record high is reached, which could drive Bitcoin back to $60,000 to $80,000.

“Right now, we’re in a Bull Market, so expect a lot of positive news to come your way. But remember, don’t get too swept up in the excitement! If you’re sitting on big profits, make sure to take some off the table,” the expert noted.

Bitcoin price analysis

Bitcoin was trading at $79,460 at press time, up almost 4% in the past 24 hours. The weekly chart shows BTC up 16%.

As things stand, Bitcoin appears to be heading higher, but caution is needed. Investors should monitor the support and resistance levels at $75,000 and $80,000, respectively, as these will likely determine Bitcoin’s next direction.