This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target

by

As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed numerous market cycles and trends, from the dot-com bubble to the global financial crisis, and now, the burgeoning crypto revolution. The recent Bitcoin flash crash to $94,000 was an intriguing event that caught my attention, not just for its magnitude but also for the insights it offered about market dynamics and investor behavior.

Based on an earlier forecast that Bitcoin could plummet to $94,000, a crypto expert now has a revised goal for the original digital currency. This expert expects a significant further drop in Bitcoin’s value before it reaches a brand-new record peak.

$130,000 Target In Sight After Bitcoin Flash Crash 

The overall cryptocurrency market has experienced a substantial decline following a sudden drop in Bitcoin’s value. In just half an hour last week, the price of Bitcoin dropped by $3,000 from approximately $97,000 down to $94,000, then swiftly recovered above $97,000 again. This unexpected plunge in Bitcoin’s value led to a large number of liquidations, with over $1.5 billion in long and short positions being wiped out as traders rushed to limit their losses due to the sudden market turmoil.

At the moment, Bitcoin is exhibiting an uptrend, leading some analysts to anticipate a potential price surge in the future. Specifically, a cryptocurrency analyst on TradingView, known as ‘Setupsfx,’ has provided a comprehensive chart outlining Bitcoin’s predicted trajectory and next price milestone.

The analyst correctly predicted Bitcoin’s sudden drop to $94,000 and has since broadened his forecasts, suggesting the possibility of a rebound phase. In his most recent analysis, he anticipates that Bitcoin will encounter robust support near the $96,000 mark after a temporary price slide towards this crucial area. This new support level is viewed as a beneficial pullback to foster strength for further growth.

The analyst’s graph shows a phase where prices appear to be accumulating on the left side, with prices moving horizontally and creating robust lows that seem to fill Fair Value Gaps (FVG). Moreover, you can spot order blocks and Breaks of Structure (BOS) in the Bitcoin price diagram.

As a researcher, I’ve observed an intriguing development in the Bitcoin market. The price of Bitcoin surged past the previously identified accumulation zone, igniting a bullish surge that culminated in a new all-time high above $100,000. This uptrend coincides with the escalating buzz surrounding the US Presidential election, which seems to have catalyzed Bitcoin’s ascent to this unprecedented peak.

Based on current trends, it’s anticipated that Bitcoin could undergo another dip, possibly reaching around the $96,000 level before a change in direction. This change is thought to initiate a new surge, potentially propelling Bitcoin towards a potential goal of $130,000.

Update On BTC Price Action

Currently, Bitcoin is being exchanged for around $97,223, having dipped by over 2% in the past day, as per CoinMarketCap. After reaching a new all-time high (ATH) above $104,000, it has momentarily dropped below the $100,000 mark due to a minor setback.

Even though Bitcoin’s price dropped recently, there’s a general optimistic outlook in the wider financial world. Interestingly, Bitcoin’s trading activity has skyrocketed by an impressive 99% over the past day, and it’s nearing the significant $2 trillion market value milestone.

Speaking about Bitcoin’s recent price fluctuations, crypto expert Jelle has pointed out a striking resemblance between its current trends and the bullish pattern seen during the 2020 all-time high (ATH) surge. If Bitcoin continues to exhibit this bullish trend, the analyst anticipates another potential ATH breakout in the near future.

Read More

2024-12-11 00:40