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Bitcoin has broken above the crucial resistance at $100,000, indicating that the bulls are back in the game. If the price maintains above $100,000, the BTC/USDT pair could accelerate toward the all-time high of $108,353. This level may witness strong selling by the bears, but if the bulls maintain pressure, the pair may resume the uptrend. The next target on the upside is $126,706. On the other hand, if the price fails to sustain above $100,000, it will signal that the breakout may have been a bull trap. The bears will have to sink the price below the moving averages to clear the path for a decline to $90,000.$BTC

Another chart formation on the radar is the so-called cup and handle, which, for BTC/USD, is at a critical point. After returning to the March highs and continuing up, multiple retracements to near $90,000 made some traders nervous that the traditionally bullish cup and handle may break down. Now, hope is returning. “Bitcoin looks ripe to complete the cup & handle formation,” trader Jelle told X followers this week, offering a target of $140,000. Others have eyed the phenomenon for several months, with price targets varying.$BTC

The price prediction for Bitcoin has to be adjusted in light of its current resistance levels. A few days ago, the expectation was that the coin could reach $200,000 or $250,000 before the end of the year. While we do expect Bitcoin to trend much higher by year’s end than it is now, thanks in part to a new legal framework for crypto to be set up by the new presidential administration, we don’t think it will hit $250K. The reason is that there is so much resistance for Bitcoin at the moment that it feels impossible for the coin to hit those sky-high marks in 12 months. Bitcoin is more likely to settle somewhere just below $200K by December of the year. That would be incredibly good for the coin and would show tremendous progress toward a bright future, but some of the recent analyst price predictions may be overly hopeful. That tends to happen when analysts are trying to draw in viewers and get clicks, but a realistic expectation for a sub-$200K level for Bitcoin seems about right with what we are seeing at the moment.$BTC