TechFlow news, November 27 — According to Business Insider, Matt Mena, Head of Crypto Research Strategy at 21Shares, said the $100,000 level for bitcoin represents a key psychological resistance level, where many holders who have held since the previous bull market are likely taking profits. This price behavior mirrors the pattern seen in March this year when bitcoin approached its all-time high of $69,000 set in June 2021. At that time, bitcoin lingered around that level for nearly seven days before breaking through, as participants from the prior cycle took profits amid expectations of a pullback.
Looking ahead, Mena expects bitcoin may see further correction toward the $80,000 support level, which could benefit long-term market health. Prior to that, the first major support below $90,000 sits at $87,000. Options market data shows traders of December-expiring contracts are largely betting on bitcoin reaching the $80,000 level.
Despite this, Mena remains bullish on year-end prospects, forecasting bitcoin could reach the $110,000–$120,000 range. He explained that during the holiday season, investors often share their experiences with bitcoin and crypto investments with friends and family, potentially attracting new market participants. Additionally, there is strong market anticipation surrounding a potential second Trump term. Mena believes investors may engage in a "rushing-in" effect ahead of the presidential inauguration in January, which could provide momentum for bitcoin to break above $100,000.
