Bitcoin’s $104K Line in the Sand: Bulls Battle to Keep $130K Dream Alive

Bitcoin’s playing high-stakes limbo—how low can it go before the rally snaps? Right now, $104,000 is the magic number keeping the bulls from total panic.

Break below that floor, and the champagne-popping $130K target starts looking like hopium. Hold it? The rocket ship might just refuel.

Funny how a 10% swing either way separates ’genius’ from ’bagholder’ in crypto land—same charts, different narratives.

• Bitcoin needs a daily close above $104,674 to confirm bullish strength.
• Cryptorphic maintains a $130K target, despite short-term corrections.
• Ethereum is gaining momentum, hinting at a broader altcoin revival.

The crypto market finds itself at a pivotal moment. EGRAG CRYPTO, a popular market watcher, highlighted that Bitcoin must secure a daily close above $104,674 to maintain its current bullish momentum. This specific level aligns with the 21-day EMA and the 0.888 Fibonacci retracement level, both traditionally strong bullish indicators.

A daily close above this range WOULD reinforce Bitcoin’s upside structure and confirm its strength. However, if the price fails to hold above this key level, a bearish scenario could develop.

In such a case, Bitcoin might retest the 0.618 Fibonacci support zone. If this support fails, a deeper pullback to the 0.5 Fibonacci zone could unfold, a move that could momentarily spook the market before recovering.

EGRAG’s use of these technical levels is not new, but it reflects how Fibonacci retracements and EMAs continue to guide market expectations. His analysis suggests that bulls must remain cautious but optimistic, especially in periods of short-term consolidation.

Bitcoin Correction to $98K?

In another update, analyst Cryptorphic reiterated his bullish stance on the long-term trajectory of bitcoin with a reaffirmed target of $130,000. He first expressed this view back in April when Bitcoin was hovering around $84,000, induced by market jitters. With Bitcoin just closed at $105,705 and formed the first red candle after seven weeks of green streaks, he considers this correction as simply part and parcel of a healthy trend.

Cryptorphic pointed out the possibility of a short-term correction by predicting a MOVE toward $98,000 and, in an extended pullback, even to $92,000. He did stress, though, that the larger structure is still intact. His thesis isn’t based on some wishful thinking; it’s grounded in historical cycle patterns and capital movements between Bitcoin and altcoins.

In his words, the market currently lies in a phase where Bitcoin cools down after a run, but ethereum starts to gain some strength. This normally sets up an altcoin breakout, which has been seen in several past bull runs.

Ethereum’s Strength Signals Imminent Altcoin Momentum

Cryptorphic also pointed out that Ethereum is currently winning against BTC, which marks the beginning of a capital rotation. In previous cycles, this shift had always been a precursor to massive gains in altcoins, particularly within narrative-driven sectors that include meme coins, NFTs, and metaverse projects.

With the rising BTC ratio of Ethereum and BTC dominance at its local peak, conditions are likely set for a well-rounded altcoin revival. Based on past repetition, this shift could ignite the next explosive phase of the cycle, one that transcends Bitcoin’s next all-time high.

Related Reading | Ethereum’s Monthly Chart Has a “Morning Star”: Is a Rally Coming?