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Cryptographic analyzer that accurately Predict the collapse of the Bitcoin price to $99,000, has now made another notable prediction for the leading cryptocurrency. While the analyst’s previous bearish forecast was driven by volatility and declining market demand for Bitcoin, his new forecast sees the cryptocurrency rising to new highs above $110,000, supported by its recent bullish performance.
Bitcoin to retest key support as next step
Technically, TradingView cryptocurrency analyst R.Linda said specific The range between $102,500 and $100,000 serves as an important support area for Bitcoin. The analyst highlights that if Bitcoin can retest the price and maintain above this area, this could pave the way for Potential market rise To new ATHs of $120,000 mid-term.
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According to CoinMarketCap, Bitcoin is currently trading at $108,594, and has seen a significant rise of 4.65% in the past 24 hours. R. Linda suggests that the recent price rise may be the result of strength Accumulation and increasing investor confidence.
Given Bitcoin’s increasing momentum, market expert TradingView has identified this New resistance levels Priced at $103,600, $105,700, and $107,500. She believes a successful breakout from these levels could push… Bitcoin to retest new bullish targets Between $108,000 and $112,000.
Despite correctly predicting Bitcoin’s recent collapse to $99,000, the analyst believes that another failure to hold above the $100,000 level could pause the price rise, with the possibility of a more resounding collapse. R. Linda stated that Bitcoin may constitute a patch patternIt will likely see a slight pullback to the 0.5 Fibonacci retracement level near $100,000, or even the low of $97,500.
Going forward, the overall trend for Bitcoin remains bullish as long as its price quickly recovers from any expected declines and remains above critical support levels. The $102,500 level has been highlighted as a pivotal price point that is expected to come into play Bitcoin’s continued rise.
Current market state of Bitcoin
According to R. Linda, Bitcoin has surprised the market once again An increase of more than 18% During the past week after exceeding the previous support areas. The major cryptocurrency quickly reignited previous bullish sentiment after retesting the “panic and risk zone” when selling pressures rose significantly.
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This sharp increase in prices is due to technical, fundamental and macroeconomic factors. R. Linda reported an increase in activity from institutional investors and major players in this space. I suggested it Donald Trump’s inauguration As President of the United States (US) and speculation about Favorable encryption policies Under his leadership it has also contributed significantly to Bitcoin’s recent recovery.
This bullish combination has strengthened Bitcoin’s position, creating strong momentum that has attracted new buyers and increased institutional interest from players globally. highlights t. Linda highlights that Bitcoin price movement The past three days indicate a strong consolidation and accumulation phase, with buyers aggressively defending the price area between $91,000 and $89,000.
Featured image from Unsplash, chart from Tradingview.com