Bitcoin (BTC) Price Reached Intraday High of $98,481 before Paring Some Gains

Bitcoin reached an intraday high of $98,481 earlier today, showing signs of recovery after پارس some of its recent gains.

Bitcoin bulls are now aiming to reclaim the key $100,000 level following a sharp drop to the $91,000 zone on Dec. 30.

DonAlt, a prominent pseudonymous trader who boasts nearly 650,000 followers on the X social media platform, recently highlighted that Bitcoin had "an excellent" week. Nevertheless, he also cautioned traders that the cryptocurrency had reached a rather "dangerous level."

"Break it and we'll send everything. I'd like to see it broken before getting too euphoric though," he noted.

As reported by U.Today previously, some analysts have also expressed concerns regarding Bitcoin's weakening momentum, which is evident from the diminishing trading volume. For the bulls to facilitate another major rally, Bitcoin would require high volume.

On Dec. 17, Bitcoin peaked at $108,364 on the Bitstamp exchange before experiencing a 16% price correction.

While such corrections are typically observed during a bull market, they do raise some concerns about the possibility of a sharp trend reversal.

Bitcoin bulls suffered a significant setback after the U.S. Federal Reserve shifted to a more hawkish stance, indicating that it will be implementing fewer rate cuts.

Additionally, the leading cryptocurrency formed a "shooting star" candlestick on its monthly chart, which could be interpreted as a bearish signal for the bulls. Such candles have previously preceded major price corrections.

Despite some potential bearish headwinds, various pundits largely anticipate that Bitcoin will continue to perform exceptionally well this year. For example, Anthony Scaramucci of SkyBridge Capital has predicted that it could surge to as high as $250,000 by 2025.