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Bitcoin could be getting ready for a rally toward $94,500, but higher levels are expected to attract selling by the bears.
Bitcoin’s tight range trading is expected to culminate with a range expansion in the near term.
Some major altcoins are showing signs of strength and may start a relief rally in the short term.
Bitcoin (BTC) bulls are attempting to take charge by pushing the price above the $90,000 level. However, prediction market traders on Polymarket have subdued expectations for BTC in 2026. The odds of BTC hitting $150,000 before 2027 are only 21%.
CryptoQuant head of research, Julio Moreno, said on the Milk Road show that BTC entered a bear market in early November and is yet to recover. Moreno anticipates BTC to bottom in the $56,000 to $60,000 range, based on its realized price and past performance.
A similar downside target objective was projected by early BTC investor Michael Terpin, who said that BTC could bottom out near $60,000 in Q4 2026. He added that the fall would be a great buying opportunity as the next halving could “lead to potential supply shock,” triggering massive buying in 2028 and 2029.
Could BTC and the major altcoins start a sharp recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC has been trading inside a narrow range between $86,400 to $90,600 for the past few days. Usually, such tight ranges are followed by a range expansion.
The flattening 20-day exponential moving average ($88,500) and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand.
If buyers drive the Bitcoin price above $90,600, the BTC/USDT pair could climb to $94,589. This is a critical level for the bears to defend, as a close above it opens the doors for a rally to $100,000 and later to $107,500.
Source: CoinTelegraph