Over the past few weeks, the price of Bitcoin has been a move downsuffering a major decline that has been pushed below the all-time high above $104,000. Despite this price crasha crypto analyst has predicted that Bitcoin could overcome this decline and reach a new HIGH at $107,000. However, for the cryptocurrency pioneer to make this recovery, it would have to break past the crucial Fibonacci level.
Why Bitcoin price could go back to $107,000
The CobraVanguard crypto analyzer released chart analysis on TradingView, showing Bitcoin price movement and possible recovery to $107,000 in the coming days. The analyst's price chart showed that Bitcoin was previously in an uptrend, a commonly observed technical pattern. bearish signal because it indicates that a price is likely to decline due to an increase.
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True to the pattern, Bitcoin broke below the level rising pieceturning its price very bearish and triggering a decline. After this breach, Bitcoin fell from over $100,000 to $94,000 in a few days.
CobraVanguard noted that the Fibonacci retracement levels at 0.618 and 0.382 are marked on the chart, possibly indicating potential protection and support areas for Bitcoin. With the price of Bitcoin falling after breaking the piece, it is now consolidating near the 0.382 Fibonacci level between $92,000 and $94,000.
Considering Today, the Bitcoin exchange rate has increased against Bitcointhe 0.382 Fibonacci level may be a support if its price falls again. On the other hand, CobraVanguard has predicted that if Bitcoin could break above the 0.618 Fibonacci level between $98,000 and $100,000, it could indicate renewed bullish momentum, which could cause price recovery towards a new high level ever of $107,000, marked as the “target” zone on the chart.
Based on the direction of the arrow in the CobraVanguard chart analysis, it seems that before Bitcoin can hit $107,000, maybe face an even faster decline to $90,000. The path suggests a rebound towards $94,000, followed by a drop to $92,000. From there, Bitcoin is expected to climb to $100,000, experience another big pullback towards $95,000, and then rise to the analyst's projected ATH of $107,000.
Analyst predicts more downside for Bitcoin
The famous crypto analyst Jelle has expressed bearish sentiment on the Bitcoin price forecast near the end of the year. The analyst comparison Bitcoin's current price trends with the trends of the previous cycle, showing the appearance of fractals and bearish trends.
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Jelle predicts that The price of Bitcoin could fall down by $90,000 this week from its current market value of $94,192. The analyst has based this projected price decline on low liquidity, pointing out that festive holidays like Christmas often encourage less liquidity for digital assets, following to downside risks.
Nevertheless, the analyst predicts that after the short-term trend, Bitcoin could resume its upward trend in 2025. Based on his chart, he projects that the cryptocurrency could rise as high as $190,000 in Q2 next year.
Featured image created by Dall.E, chart from Tradingview.com
