Crypto Analyst MadWhale has revealed where the price of Bitcoin could go next, correctly predicting BTC’s crash to $89,000. The analyst also explained why the flagship crypto’s current outlook is bullish, which could lead to further gains.
Where is the price of bitcoin next?
In A TradingView postMadewell predicts that Bitcoin price could record a 17% gain and rally to a new high of $110,000. The analyst explained that perspective Crypto market Largely positive. He added that market volume picks up again after the usual holiday lull, which often leads to temporary price drops.
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Madewell further commented that this increase signals renewed investor interest, which is a bullish sign and could signal higher prices soon. In line with this, he predicted that the price of Bitcoin could be on track to hit new highs All-Time Highs (ATHs). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that the upward momentum may continue, leading to this potential gain of 17% for the flagship crypto.
The accompanying chart from the analyst showed that the estimated Bitcoin price could rally to $110,000 this month. This prediction undoubtedly provides some optimism, considering the recent BTC crash. Bitcoin dropped to $89,000 yesterday amid uncertainty in the market.
This market uncertainty is due to developments on the macro side, such as the December jobs data. Following the strong US jobs data, traders are predicting only one Fed rate cut this year, which is bearish for the price of Bitcoin and the broader crypto market. On the other hand, the inauguration of Donald Trump provides a bullish outlook for the flagship crypto.
Trump has promised to make a Strategic BTC ReserveWhich is bullish for the Bitcoin price, as it could lead to widespread nation-state adoption of the flagship crypto.
A bullish reversal is already in play
Crypto analyzer jail suggested that a bullish reversal is already in play for the Bitcoin price. He mentioned that Bitcoin took out the liquidity of the main downside and immediately pushed back above $94,000. The crypto analyst added that the flagship crypto is now running at a resistance at its current level with the 200-day exponential moving average (EMA) and a level it has been struggling with for some time.
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Jelle predicts that a bitcoin price breakout above $97,000 could lead to new highs for the flagship crypto. In another X post, he said that BTC is pushing for a breakout from the weekly falling gap. The crypto analyst added that the target for this formation is around $130,000.
At the time of writing, the price of Bitcoin is trading at around $96,300, up almost 4% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
