A crypto analyst who accurately forecasted the Bitcoin price crash to $99,000 has now made another notable prediction for the pioneer cryptocurrency. While the analyst’s previously bearish projection was driven by volatility and waning market demand for Bitcoin, his new forecast sees the cryptocurrency skyrocketing to new highs above $110,000, fueled by its recent bullish performance.
Bitcoin To Retest Key Support As Next Move
From a technical perspective, TradingView crypto analyst R.Linda has pinpointed the range between $102,500 and $100,000 as a critical support zone for Bitcoin. The analyst highlights that if Bitcoin can retest and maintain a price above this zone, it could set the stage for a potential market rally to new ATHs of $120,000 in the mid-term.
Related Reading
According to CoinMarketCap, Bitcoin is currently trading at $108,594, experiencing a dramatic 4.65% rise in the past 24 hours. R. Linda suggests that this recent price rally may result from strong accumulation and growing investor confidence.
Given Bitcoin’s growing momentum, the TradingView market expert has set new resistance levels at $103,600, $105,700, and $107,500. She believes a successful breakout from these levels could propel Bitcoin to retest new bullish targets between the $108,000 and $112,000 range.
Despite correctly predicting the recent Bitcoin crash to $99,000, the analyst believes another failure to hold above the $100,000 mark could temporarily stall a price rally, with the possibility of a more resounding crash. R. Linda stated that Bitcoin may form a correction pattern, potentially experiencing a slight pullback to the 0.5 Fibonacci retracement level near $100,000, or even as low as $97,500.
Moving ahead, Bitcoin’s overall trend remains bullish as long as its price quickly recovers from any projected declines and stays above critical support levels. The $102,500 level is highlighted as a pivotal price point expected to trigger Bitcoin’s bullish continuation.
Bitcoin’s Current Market Condition
According to R. Linda, Bitcoin surprised the market again by rallying more than 18% over the past week after surpassing previous support zones. The flagship cryptocurrency quickly reignited previous bullish sentiment after retesting “the panic and risk zone” when selling pressures significantly rose.
Related Reading
This sharp price increase has been attributed to technical, fundamental, and macroeconomic factors. R. Linda has stated an increase in activity from institutional investors and the major players in the space. She suggested that Donald Trump’s inauguration as the President of the United States (US) and speculations about favorable crypto policies under his administration have also significantly contributed to Bitcoin’s recent rebound.
The bullish combination has solidified Bitcoin’s position, creating a strong momentum that has attracted new buyers and increased institutional interest from players globally. R. Linda highlights that Bitcoin’s price action in the past three days suggests 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
Credit: Source link
