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After previous expectation of Bitcoin flash crash To $94,000, one cryptocurrency analyst set a new target for the leading cryptocurrency. The analyst expects another significant decline in Bitcoin’s price before then Reaches a new all-time high.
$130,000 target on the horizon after Bitcoin collapse
The broader cryptocurrency market has seen a major correction as a result of the recent Bitcoin collapse. Last week, the price of Bitcoin rose lost $3,000 in less than 30 minutes, and fell from $97,000 to $94,000 before quickly rebounding above $97,000. This resulted in a sudden unexpected malfunction Extensive qualifiersWith more than $1.5 billion wiped out of long and short positions as traders scrambled to mitigate losses.
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Currently with Bitcoin Showing signs of momentumAnalysts expressed their expectations of higher prices in the future. Notably, a cryptocurrency analyst from TradingView, who goes by the name “Setupsfx,” subscriber Detailed price chart predicting Bitcoin’s future movements and Next goal.
The analyst accurately predicted Bitcoin’s rapid collapse to $94,000 and has now expanded his forecast to include a potential recovery phase. According to his latest analysis, Bitcoin is expected to find strong support $96,000 level After a short-term price correction for this key area. This new support level is seen as a healthy bounce to help build momentum for the upward move.
The analyst’s chart depicts Accumulation stage On the left side, where prices appear to be moving sideways, forming strong bottoms while filling fair value gaps (FVG). In addition, order blocks and breakout structure (BOS) can be identified on the Bitcoin price chart.
According to the chart, Bitcoin price successfully broke through the above-mentioned accumulation zone and started a rally that took the ATH above $100,000. This upward momentum is consistent with the noise coming from the area US presidential electionssending Bitcoin to a new all-time high.
With this in mind, the analyst predicts that it will experience Bitcoin Another withdrawalIt is likely to test the $96,000 area before the price reverses. This reversal is expected to lead to a new high, which could push Bitcoin towards a new target of $130,000.
Update on BTC price movement
At the time of writing, Bitcoin was trading at $97,223 after falling more than 2% over the past 24 hours, according to CoinMarketCap. The cryptocurrency was trading below the $100,000 level after a slight decline after reaching the level ATH above $104,000.
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the Broader market sentiment It has also turned bullish despite the recent decline in Bitcoin prices. It is worth noting that Bitcoin trading volume has increased by 99% in the past 24 hours, and its market value is approaching $2 trillion.
Commenting on Bitcoin’s price movement, cryptocurrency analyst Jelly said It has been detected Bitcoin’s current price action closely mirrors its bullish behavior during the 2020 ATH breakout. Based on similar price movements, the analyst expects Bitcoin to see another breakout soon if it maintains this bullish momentum.
Featured image created with Dall.E, chart from Tradingview.com