Last week, $Bitcoin (BTC.CC)$ Almost breaking the $0.1 million mark, the crypto market held its breath in anticipation, but ultimately failed to achieve this historic breakthrough due to stagnation in momentum and a rapid fallback.

Last Friday, the price of bitcoin reached a historic high of $99,588, but fell back before breaking the six-figure mark. As of Wednesday at 1:00 PM, bitcoin was hovering around $92,500, having dropped over 5% this week. 21Shares' crypto research strategist Matt Mena stated that for investors who have held bitcoin since the previous bull market, $0.1 million is a psychologically significant selling point.

In an interview, he pointed out that bitcoin holders might anticipate a pullback around this price level, hence choosing to sell part of their hold positions to lock in profits. He also mentioned that such behavior occurred at previous peaks of bitcoin.

In March of this year, when bitcoin hovered around the historical high of $69,000 from 2021, a similar pattern appeared. Bitcoin lingered at this price point for nearly seven days before finally breaking through... As the price approached this level, many participants from the previous cycle began to take profits, anticipating a potential pullback.

Other analysts believe that the deep pullback in bitcoin may also be attributed to other factors. FxPro senior market analyst Alex Kuptsikevich mentioned that the easing of geopolitical tensions between Lebanon and Israel has weakened investor demand for safe-haven assets like bitcoin.

When will bitcoin reach 0.1 million dollars?

Matt Mena believes that if the price of bitcoin continues to decline, it may fall to $80,000. He stated that options traders focused on cryptos also support this view, as a large number of options contracts expiring in December are betting on bitcoin dropping to $80,000.

The support level of $0.08 million may be the limit of this pullback, and this could actually benefit the healthy development of the market... Bitcoin often re-tests previous support levels to solidify upward momentum and clear leveraged positions and short-term speculators.

However, before falling to this level, bitcoin will first test several support levels above this price point. Mena pointed out that the next key support level below $0.09 million is $87,000. Standard Chartered expects that bitcoin may recover and rise after falling to this level. Mena still anticipates that bitcoin will rebound before the end of the year, with the holiday season potentially pushing bitcoin to a range of $110,000 to $120,000.

During holiday gatherings, investors often share their enthusiasm for bitcoin and cryptos with family and friends, discussing their gains and showcasing profits and losses... This can spark curiosity and interest, attracting new investors into the field. We have seen this happen multiple times over the past few years.

He also expects that crypto investors will exhibit "front-running" behavior before the presidential inauguration in January next year, similar to the situation before the November elections. At that time, investor excitement over Trump's eventual victory drove up crypto prices.

Such preemptive actions may generate the momentum needed to break through 0.1 million dollars.

Investors show great expectations for Trump's second term. The incoming president openly supports cryptos, suggesting the potential creation of a national bitcoin reserve, and is reportedly screening candidates for white house positions related to cryptos.

Editor/rice