Bitcoin investors are considering that surpassing the $106,000 level could trigger a new upward wave. However, some analysts warn about the risk of a price retracement to $85,000. Amid uncertainty in the crypto market, investors closely monitor critical support and resistance levels.

In the crypto market, Bitcoin (BTC) price movements are closely watched, with some investors arguing that the $106,000 level is critical for the continuation of the upward trend.

Despite this, some market analysts still believe in the possibility of a retracement to $85,000.

Is $106,000 necessary for a new upward trend?

Crypto investor and analyst Pentoshi, in a February 22nd post, mentioned that for Bitcoin to sustain its upward trend, reclaiming the $106,000 level is essential. According to Pentoshi, if this level is surpassed, Bitcoin could begin a new price discovery phase and gain momentum in its upward movement.

However, Pentoshi also warned that if current support levels are not held, Bitcoin could exhibit a downward movement. The analyst pointed out that if the $92,000-94,000 range is broken, BTC’s next significant support could be around $85,000. This level has not been traded by Bitcoin since November 12, making it a noteworthy price zone.

This assessment supports crypto analyst AlejandroBTC’s comment from a few weeks ago, suggesting that “we seem to be heading towards $85,000.”

Bitcoin’s direction remains uncertain

While there is a divergence of opinions regarding Bitcoin’s short-term movements, some analysts believe that a prolonged consolidation period within the current price range could occur.

Pentoshi, while maintaining his upward outlook, said, “We should stay bullish for now because [the level] hasn’t broken yet, and we’ve spent a lot of time in this range.”

However, some market players caution that Bitcoin’s price could further drop. Arthur Hayes, co-founder of BitMEX, stated on January 27 that BTC could decline to the $70,000 to $75,000 range, potentially creating a “mini financial crisis.”

Crypto investor Mister Crypto indicated that the $90,000 level could present a significant buying opportunity. He mentioned, “This level could be an important sign to open a large position again.”

Investor Donny noted that Bitcoin’s charts look promising from a technical standpoint, but the market’s direction will become clearer in the next few weeks. “Context is crucial here, and the next few weeks will be decisive,” he said.

Could a new peak come in March?

Another investor, AshCrypto, who shared a post on the X platform on February 22, suggested that Bitcoin could reach a new record level by March. According to CoinGlass data, Bitcoin has provided an average return of 13.42% in March since 2013.

Bitcoin hit an all-time high (ATH) of $109,000 just before Donald Trump’s presidential inauguration on January 20. Some investors are focusing on long-term expectations rather than short-term movements.

ARK Invest CEO Cathie Wood stated that despite market volatility, the likelihood of Bitcoin reaching $1.5 million by 2030 has increased due to the institutionalization of this new asset class. Wood said, “We believe the probability of our bull scenario coming true has increased as this new asset class becomes institutionalized.”