Cryptocurrency expert MadWhale shares insights on potential future Bitcoin prices, as he accurately forecasted the Bitcoin drop to around $89,000. He also elucidates reasons that make the primary cryptocurrency’s current perspective optimistic, potentially leading to additional increases in value.
Where The Bitcoin Price Is Headed Next
In a recent TradingView update, MadWhale forecasted a potential 17% increase in Bitcoin’s value, possibly reaching an all-time high of $110,000. The analyst outlined a generally optimistic outlook for the crypto market. He also pointed out that there has been a notable resurgence in trading volume following the customary dip during holidays, which can sometimes lead to short-term price declines.
MadWhale added that the surge in interest indicates growing investor enthusiasm, a positive sign that might foreshadow an increase in Bitcoin prices in the near future. He also speculated that the Bitcoin price may be approaching new record highs. From a technical standpoint, he observed that the charts reveal robust support points, implying that the bullish trend could persist, potentially resulting in a 17% rise for Bitcoin.
The analyst’s accompanying graph indicates a possible Bitcoin price surge to $110,000 might occur this month, offering a glimmer of hope after the recent Bitcoin downturn. Yesterday, Bitcoin plummeted to around $89,000 due to market unrest.
The instability in this market has been primarily caused by larger-scale occurrences like the December employment statistics. After the robust U.S. job report, traders speculate that there will be just one interest rate reduction from the Federal Reserve this year, which is unfavorable for Bitcoin’s price and the entire cryptocurrency sector. Conversely, Donald Trump’s inauguration presents a positive perspective for the primary crypto asset.
As an analyst, I find it intriguing that Trump’s proposed Strategic Bitcoin Reserves could potentially boost Bitcoin’s value. This initiative, if executed, might pave the way for broader acceptance of Bitcoin among nations, given its status as the leading cryptocurrency.
A Bullish Reversal Is Already In Play
Crypto expert Jelle believes that Bitcoin’s price might be undergoing a bullish reversal. He noted that Bitcoin broke through the significant downward pressure, quickly rebounding above $94,000. The analyst further explained that Bitcoin currently faces resistance at its current level, as it encounters both the 200-day Exponential Moving Average (EMA) and a hurdle it has been trying to overcome for some time.
Jelle anticipates that if Bitcoin’s price surpasses $97,000, it might reach fresh record highs. In another post, he mentioned that Bitcoin appears to be attempting a breakout from its weekly descending wedge pattern. Furthermore, the crypto expert suggested that the potential target of this pattern is approximately $130,000.
As I pen this down, the current Bitcoin price hovers around $96,300, marking an almost 4% increase over the past 24 hours, based on data sourced from CoinMarketCap.
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2025-01-15 00:40