The price of Bitcoin still in the correction phase below $100,000, as it is currently down by 1.93% in the last 24 hours. Nevertheless, the crypto analyst Titan of Crypto is sure that the main digital currency is still maintaining the path to the $ 110,000 mark. According to the analysis, Bitcoin at $110,000 is inevitable, although there is still the possibility of further price reductions in the short term.
Bitcoin Price $110,000 Path and current correction level
Bitcoin fell below $110,000 today stands at 108 135 $ on December 17. However, the cryptocurrency has been on a well-known correctional pathway since then and is currently about 12% below this price point. Interestingly, the price of Bitcoin even corrected to $92,600 on December 23, which translated into a decline of 14.36% in five days from the all-time high of $108,135.
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Although the price of Bitcoin has recovered slightly since then, it has extended its correction below the psychological level of $100,000 with no sign of a strong break to the upside.
However, Titan of Crypto it reinforced its long-term bullish position on Bitcoin, saying the $110,000 price level is “inevitable.” According to his analysis, Bitcoin is only going through a correction phase, a necessary consolidation before the next move up.
Although the correction has largely gone above $90,000, there is still an opportunity to break below this consolidation level. With this in mind, the Titan of Crypto pointed out that if Bitcoin were to experience further declines, the $87,000 mark could represent the “biggest pain point.” This is the lowest the price of Bitcoin can go to in order to keep alive the bullish sentiment among Bitcoin holders.
Technical Analysis shows the cup and handle pattern in play
The technical analysis is based on Bitcoin's price action after breaking out of the neck of a cup and handle pattern. According to the chart below, this cup and handle pattern played out throughout the bear market of 2022, the recovery of 2023, and the bull market of 2024. Recent bullish price action was seen in October and November The price of Bitcoin breaks above the neck, which opened the stage for a bullish run.
In a previous post immediately after the breakout, Titan of Crypto indicated a price target of around $110,000, although he noted that a correction could take place before reaching the target. This correction has played out exactly as expected with the recent price decline in the past two weeks.
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At the time of writing, Bitcoin is trading at $95,906. Reaching the $110,000 target would translate into a 15% return on investment from the current price.
In another analysis posted on the X social media platform, the analyst mentioned the possibility of $120,000 being the peak for Bitcoin this cycle based on Fibonacci Circle analysis. This price target dwarf in comparison to predict from other analysts, with estimates between $250,000 and $1 million.
Featured image created by Dall.E, chart from Tradingview.com
