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The price of Bitcoin (BTC) recently entered a standardization phase after large upward movements, as encrypted currency market experiences increase fluctuations at the beginning of the year.
Currently, the leading cryptocurrency in the market is hovering to the top of $ 100,000, as analysts indicate that additional price increases may be on the horizon.
Analyst warns of “excessive bullish feelings”
In a joint analysis By a market expert known on social media as daily encryption trading, Eliott Wave theory is used to predict the following Bitcoin moves.
According to this analysis, the market can witness a flat corrective wave, with a target of $ 90,000. The analysis confirms that the Recently ABC’s flat structure was held at the level of 89-90K, indicating that the 4 wave has been completed.
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The analysis highlights that although the feelings surrounding the future of Bitcoin are “very bullish”, this can often be a warning sign.
Also notes the daily encryption trading, “Although Wave 4 is done, the feelings are excessively optimistic, which is usually a red mark.” Investors are encouraged to deal with the situation with caution, while admitting that although the analysis is rooted in the possibility, it does not guarantee the results.
the The total economic scene It is also very important to understand the path of bitcoin. The previous daily encryption trading discussed the potential effect of the imminent stagnation, indicating that the macroeconomic factors should be considered before diving in technical analysis.
What is the breach of $ 130,000 for Bitcoin?
The Elliott Wave theory, which was significantly accurate in previous predictions, is a major element in this analysis. The markets are supposed to move in an expected state WavesCurrently, the focus is on the final sub -wave of wave 4.
The expert expects that if Bitcoin exceeds the decisive level of $ 109,000, this will confirm the beginning of the impulsive wave 5, which indicates a continued rise.
If Bitcoin achieves a powerful wave 5, expectations indicate a possible increase in prices from 40 to 50 % of the current levels, with Fibonacci extension Levels indicate goals of $ 113,000, $ 117,000, and up to 121,000 dollars.
However, there is a warning: the wave can be deducted, which leads to a double -top formation and subsequent corrections, or you may fail to reach a new Ever (ATH). Consequently, exceeding the mark of $ 109,000 is a decisive milestone to increase the possibility of reaching the top of the explosion of up to $ 120,000.
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On the contrary, if Bitcoin will retreat to an area of 90,000 dollars, this will indicate the formation of an ordinary winding pattern, which implicitly means that the 4 wave may not be complete.
As an emergency commander, a nullification point has been created for $ 130,000; The violation of this level can indicate an unexpected upward outbreak towards a target of $ 170,000.
Currently, BTC is trading at $ 104,300, with 1.4 % losses in the 24 -hour time frame.
Distinctive image from Dall-E, Chart from TradingView.com