Analyst: Bitcoin’s high this year is US$97,000, with US$80,000 to US$83,000 being the key support level

PANews reported on October 3 that trader Killa posted that the highest target for Bitcoin this year is $97,000. Prices are likely to remain choppy below $97,000 for the rest of the year, but this cycle’s uptick is more parabolic than previous cycles and started earlier. Killa said that the $80,000 to $83,000 range is crucial and its importance is often underestimated by most people: if the price clearly falls below this support level, the next possible target range is $74,000 to $77,000. This will most likely serve as a “panic selling” bottom before the price finally hits $97,000. However, if the current upward momentum continues, the pullback is likely to be much shallower, perhaps only back to levels in the early $80,000s before the next leg of the advance begins. Killa emphasized that it has established a long position with 10 times leverage at the price of $83,500. If some form of panic selling does occur in the fourth quarter, it may consider further increasing its BTC spot and long positions.