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Over the past few weeks, the price of Bitcoin has been at… Downward trendas it witnessed significant declines that pushed it below its all-time high above $104,000. despite this Price collapseone cryptocurrency analyst predicted that Bitcoin could recover from this slump and possibly reach a new ATH of $107,000. However, for the leading cryptocurrency to achieve this recovery, it must cross the crucial Fibonacci level.
Why could Bitcoin price rise to $107,000?
CobraVanguard Cryptocurrency Analyst Released Analysis of the chart on TradingView, showing the price movement of Bitcoin and Potential recovery To $107,000 in the coming days. The analyst’s price chart showed that Bitcoin was previously in a rising wedge pattern, a technical pattern generally viewed as a Bearish signal Because it indicates the possibility of the price falling during an uptrend.
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According to this pattern, Bitcoin broke below the level Rising wedgeturning its price significantly bearish and triggering declines. After this hack, Bitcoin fell from over $100,000 to $94,000 within a few days.
CobraVanguard noted that Fibonacci retracement levels At 0.618 and 0.382 are marked on the chart, which may indicate potential Resistance and support areas For Bitcoin. As Bitcoin price collapsed after breaking the wedge, it is now consolidating near the 0.382 Fibonacci level between $92,000 and $94,000.
By looking Bitcoin’s current downtrendthe 0.382 Fibonacci level may act as support if its price declines again. On the other hand, CobraVanguard predicted that if Bitcoin manages to break through the 0.618 Fibonacci level between $98,000 and $100,000, it could indicate renewed bullish momentum, which could lead to the price rebounding towards a higher level. New all-time high With a value of $107,000, it is marked as the “target” area on the chart.
Based on the stock’s trajectory in CobraVanguard’s chart analysis, it appears that before Bitcoin can reach $107,000, it may… Facing a steeper decline To $90,000. The path indicates a recovery towards $94,000, followed by a decline to $92,000. From there, Bitcoin is expected to rise to $100,000, see another big pullback towards $95,000, and then rise to an expected ATH of $107,000.
The analyst expects more downside for Bitcoin
Prominent cryptocurrency analyst Gilly expressed this Bearish sentiment On Bitcoin price forecasts at the end of the year. analyst comparison Bitcoin’s current price movements are consistent with those of the previous cycle, highlighting the similarities in fractals and downtrends.
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My generation expects this It is possible that the price of Bitcoin will fall Less than $90,000 this week from its current market value of $94,192. The analyst based this expected price decline on lower liquidity, highlighting that festive holidays such as Christmas often lead to less liquidity for digital assets, creating potential downside risks.
However, the analyst expects that after a short-term correction, Bitcoin could resume its bullish momentum In 2025. Based on his chart, he expects the cryptocurrency to rise to $190,000 in the second quarter of next year.
Featured image created with Dall.E, chart from Tradingview.com