Bitcoin (BTC) Price Prediction: BTC Poised to Break the $102.35K Wall, But the Journey May Be Bumpy

Bitcoin [BTC] has recently reclaimed a critical support zone between $96,475 and $99,360, signaling potential bullish momentum. At press time, Bitcoin's price was at $98,079.85, reflecting a 0.91% drop over the past 24 hours.

Bitcoin [BTC] price has recently reclaimed a critical support zone, ranging between $96,475 and $99,360, signaling potential bullish momentum.

At press time, Bitcoin’s price was at $98,079.85, reflecting a 0.91% drop over the past 24 hours.

However, despite this minor decline, BTC’s overall momentum remained strong, especially with the $102,350–$103,900 supply wall in sight. If Bitcoin can break through this level, we could see the next phase of its bullish cycle.

Bitcoin’s chart reveals an incoming inverted head and shoulder pattern, which is often seen as a bullish signal. The price has consolidated between $96,147 and $102,806, forming a critical resistance zone.

Bitcoin is testing this zone, and if it holds above $96,147, we could see a break through the $102,350–$103,900 region, pushing towards $104,000.

Additionally, the Relative Strength Index (RSI) was at 44.45 at press time, indicating that BTC was approaching oversold conditions.

Thus, we may see a short-term pullback or consolidation before Bitcoin gains enough strength to break the $102,350 supply wall.

The NVT Golden Cross indicator, which measures Bitcoin’s network value to transaction volume, showed a 24-hour percentage change of -23.09%.

This indicated a decline in transaction volume relative to BTC’s price increase, suggesting that the rally may not be fully supported by network activity.

Although BTC remained bullish, the lack of sufficient transaction volume could signal that the rally may lose steam.

Therefore, if transaction volume does not pick up soon, Bitcoin may experience a brief pullback before resuming its uptrend.

Market sentiment showed that bulls and bears were in a tight contest. With 111 bulls versus 114 bears in the past week, the market sentiment remains relatively balanced.

Despite some bullish outlooks, bear pressure persisted, signaling that BTC could face resistance as it approaches the $102,350 supply wall.

The outcome of this tug-of-war between the bulls and bears will likely determine whether Bitcoin can break through this resistance and continue climbing.

Bitcoin’s Long/Short Ratio revealed that more traders were betting against further price increases. At press time, 45.16% of positions were long, while 54.84% were short.

This suggested that a majority of traders were anticipating a price pullback in the short term.

BTC’s volatility plays a role in this cautious stance, as many traders are uncertain about the sustainability of the recent price movement.

Traders will be watching closely to see if the bullish momentum can overpower the short positions.

BTC’s recent recovery, combined with its critical support levels and potential bullish patterns, suggests that the cryptocurrency will likely break through the $102,350–$103,900 supply wall.

While some bearish sentiment remains in the market, the overall technical setup is promising.

However, the current lack of strong transaction volume and continued resistance from the bears may result in some volatility.

As a result, while Bitcoin is poised to break the supply wall, the journey may involve some fluctuations before a clear breakout.