A crypto trader says a move back to $106,000 is needed for Bitcoin to confirm another uptrend. However, some think a dip to $85,000 is still on the table.
Crypto traders say Bitcoin reclaiming the $106,000 price level — approximately a 13% jump from its current price — will be key in confirming further upside.
“Back to the range highs of 106k likely leads to a new round of price discovery,” pseudonymous crypto trader Pentoshi said in a Feb. 22 X post.
However, Pentoshi said if Bitcoin (BTC) breaks below its $92,000-$94,000 support range, the next key support could be around $85,000, which it hasn’t traded at since Nov. 12. It comes only weeks after crypto analyst AlejandroBTC said it “kinda looks like we’re heading for $85K.”
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