Bitcoin (BTC) held the key support level of $98,000 on February 21, with bulls reaching the highest daily closing price in nearly three weeks, significantly improving market sentiment. As Bitcoin's price steadily rises, traders have begun to predict that the next six-figure target may be within reach.
Bitcoin breaks through a key level, the next step is to welcome six-figure returns.
Data shows that at the close of the latest daily candlestick, Bitcoin settled at $98,330 and continued its upward momentum. This marks that although Bitcoin's price is still fluctuating within a narrow range, it provides traders with much-needed "breathing space."
U.S. macroeconomic data has injected confidence into the market: the number of initial unemployment claims reached 219,000, exceeding the expected median by 4,000, suggesting that the labor market may not withstand prolonged restrictive economic policies, which further boosts expectations for economic recovery.
"Turning point" broken, is $108,000 just around the corner?
Analysts believe that Bitcoin's next key target is to convert $100,000 into a strong support level, and breaking through this level will provide greater upward potential for Bitcoin. Analysts stated: "Next, we need to wait for any directional breakout in price, and the confirmation of the $100,000 support level is crucial."
Another analyst also clearly pointed out that $98,400 is a "turning point"; once this point is broken, Bitcoin could see an upward potential of $10,000. He mentioned in a post on X: "After breaking 98.4K, my expectation is that BTC will soar to $108,000."
He also added: "The trading volume within this range is continuously declining, indicating that the market is accumulating energy, ready for a breakout at any moment."
If Bitcoin successfully breaks through $98,400 and rises steadily, the target of $108,000 is not out of reach. The current market trend obviously brings more optimism to investors, and BTC's performance will be more closely watched in the coming weeks.
