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Bitcoin price struggled to reclaim previous highs above $100,000, with bearish sentiment taking over the market. Currently, Bitcoin price is retesting the support line of the ascending channel next It crashed for less than $95,000. One cryptocurrency analyst predicted that if it can hold this key support level, it can Recovery phase It rises to its next upward target, parallel to the upper resistance line of the channel.
Bitcoin price retest support line; A new goal on the horizon
In a chart showing the price movement of Bitcoin within… Rising channelTrader Tardigrade, Cryptocurrency Analyst on X (formerly Twitter), open That the cryptocurrency has temporarily fallen below the lower support line on the channel. The analyst described this decline as a “false break,” highlighting that the upward channel remains intact despite the decline.
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As shown by the red circle in the price chart, a false breakout indicates a short Bitcoin move below the level Support level It was short-lived and does not confirm the continuation of the previous downtrend. Trader Tardigrade noted that after Bitcoin’s false breakout, the cryptocurrency quickly returned to the ascending channel to regain the lower support line.
Interestingly, Bitcoin’s drop below the false breakout comes at a time when the leading cryptocurrency has seen a sharp price collapse below $95,000. Recently, it has been the leading cryptocurrency Under significant downward pressureRecording noticeable declines with the intensification of market fluctuations.
Despite this bearish performance, Trader Tardigrade revealed that Bitcoin is now retesting the channel support line again, aiming to break above it and… Leads to price reversal. The analyst predicts that if Bitcoin can maintain this support line, it will likely continue to move upwards within the channel.
Therefore, the analyst expected this Next price target for Bitcoin It will be the upper resistance line of the ascending channel. Looking at the price chart, the channel is pointing upward towards a range between $110,000 and $112,000.
If Bitcoin can successfully recover towards the upper resistance line, this could indicate Continuation of the upward trend Inside the rising channel. Additionally, a break above the resistance line could validate the bullish momentum, paving the way for Bitcoin to target higher price levels and possibly retest its all-time high.
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Bitcoin could collapse to $87,000, analyst says
Bitcoin is currently experiencing a downtrend Sharp drops in prices Despite analysts’ optimistic expectations of higher prices. According to cryptocurrency analyst Titan of Crypto, the price of Bitcoin We could see another declinewith the support level at $87,000 being the next target.
However, according to the analyst, a drop to such a low price could cause “maximum pain” to investors in the short and long term. However, the crypto giant He believes This sharp price drop could also provide a strong foundation for the next Bitcoin price rally.
He stressed that price movements are rarely linear, highlighting the unpredictability and volatility inherent in the cryptocurrency market. Although Bearish behavior of BitcoinTitan of Crypto confidently predicts that a price rise to $110,000 is inevitable.
Featured image created with Dall.E, chart from Tradingview.com