Bitcoin Price Retests Support Line After Crash Below $95,000, Here’s The Next Target

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As a seasoned analyst with over two decades of experience in financial markets, I have witnessed firsthand the wild rollercoaster ride that Bitcoin represents. While the current bearish sentiment and repeated price declines below $100,000 are indeed concerning, my life experience has taught me to never underestimate the resilience of the market.

The cost of Bitcoin has found it difficult to surpass past peaks above $100,000, as pessimism prevails in the market. At present, the value of Bitcoin is testing the lower boundary of an Ascending Channel after plummeting below $95,000. A cryptocurrency analyst foresees that if it manages to uphold this vital support level, a rebound could take place and propel its price towards the next optimistic target, coinciding with the upper resistance line of the channel.

Bitcoin Price Retest Support Line; New Target In Sight

On a chart showing Bitcoin’s price fluctuations within an Ascending Channel, crypto expert Tardigrade (previously of X, which is now Twitter) pointed out that the cryptocurrency briefly dipped below the lower boundary line of the channel. However, he called this dip a “Misleading Break,” emphasizing that the Ascending Channel still holds strong despite the temporary drop.

According to the red circle on the price chart, a False Break in Bitcoin’s price suggests that its temporary dip below the support level was not sustainable and did not signal the continuation of its previous downward trend. Trader Tardigrade observed that following this False break, Bitcoin swiftly returned within the Ascending Channel to re-establish the lower support line.

It’s worth noting that Bitcoin dipped below its False break level, following a steep fall in its price which dropped below $95,000. Lately, the leading cryptocurrency has been under intense bearish influence, with significant declines being recorded as market volatility increases.

Despite a recent downtrend, Trader Tardigrade has shared that Bitcoin is once more attempting to touch the bottom line of its channel, with hopes of surpassing it and causing an upturn. The analyst anticipates that if Bitcoin successfully maintains this support level, it should continue ascending within the channel.

Based on the analysis I’ve seen, it appears that Bitcoin could potentially reach its next price target near the upper resistance line of the Ascending Channel, which is roughly between $110,000 and $112,000. This upward-trending channel seems to be our path forward.

If Bitcoin manages to climb back towards its upper boundary, this might indicate that the uptrend within the Ascending Channel is still in progress. Furthermore, surpassing the upper boundary would strengthen the bullish sentiment, paving the way for Bitcoin to potentially aim for even higher prices and maybe challenge its previous record high.

Analyst Says Bitcoin Could Crash To $87,000

As a crypto investor, I’m currently navigating a challenging phase as Bitcoin seems to be on a downward spiral, despite the promising forecasts of a price upswing by analysts. Among them is Titan of Crypto, who predicts that the Bitcoin price might dip further, with the $87,000 level serving as the potential next support point.

According to the analyst, falling to this price level might inflict “the greatest hardship” on both short- and long-term investors. Yet, the Crypto Titan asserts that such a significant price drop may also serve as a robust base for Bitcoin’s upcoming price surge.

He emphasized that price movements are rarely linear, highlighting the crypto market’s inherent unpredictability and volatility. Despite Bitcoin’s bearish behavior, Titan of Crypto confidently predicts that a price rally to $110,000 is inevitable. 

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2024-12-28 03:04