A cryptanalyzer that correctly Bitcoin price crash predicted Up to $99,000 has now made another significant prediction for the pioneer cryptocurrency. While the analyst’s earlier bearish projection was driven by volatility and declining market demand for Bitcoin, his new forecast sees the cryptocurrency skyrocketing to new highs above $110,000, thanks to its recent bullish performance.
Bitcoin to retest key support as next move
From a technical point of view, TradingView has crypto analyst R.Linda fixed The range between $102,500 and $100,000 as an important support zone for Bitcoin. The analyst highlighted that if Bitcoin can retest and sustain the price above this zone, it could set the stage for a Potential market rally For new ATHs of $120,000 in the mid-term.
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According to CoinMarketCap, Bitcoin is currently trading at $108,594, experiencing a dramatic 4.65% increase in the past 24 hours. R. Linda suggests that this recent price rally may be the result of consolidation Accumulation and growing investor confidence.
Given the increasing momentum of Bitcoin, TradingView market experts have set New resistance levels at $103,600, $105,700, and $107,500. He believes that a successful breakout can proceed from these levels Bitcoin to retest new bullish targets Between the $108,000 and $112,000 range.
Despite correctly predicting the recent Bitcoin crash of $99,000, the analyst believes that another failure to hold above the $100,000 mark could temporarily halt a price rally, with the possibility of another spectacular crash. . R. Linda said that Bitcoin could become one Correction patternPotentially experiencing a slight pullback to the 0.5 Fibonacci retracement level near $100,000, or even below $97,500.
Going forward, the overall trend for Bitcoin remains bullish as long as its price recovers quickly from any anticipated decline and remains above critical support levels. The $102,500 level has been highlighted as a key price point that is expected to trigger. The rapid continuation of Bitcoin.
Current Market Status of Bitcoin
R. According to Linda, Bitcoin surprised the market again Rally over 18% In the last week after crossing the previous support zone. The flagship cryptocurrency quickly revived previous bullish sentiment after retesting the “panic and risk zone” when selling pressure increased significantly.
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This sharp price increase has been attributed to technological, fundamental and macroeconomic factors. R. Linda cited an increase in activity from institutional investors and major players in the space. He suggested that Inauguration of Donald Trump As the President of the United States (US) and there is speculation about it Adaptive crypto policies His administration has also contributed significantly to Bitcoin’s recent comeback.
The combination of momentum has strengthened Bitcoin’s position, creating a strong momentum that has attracted new buyers and increased institutional interest from players globally. R. Linda highlighted it Bitcoin price action The last three days suggest a strong consolidation and accumulation phase, where buyers aggressively defend the price area between $91,000 and $89,000.
Featured image from Unsplash, chart from Tradingview.com
