Bitcoin price has struggled to recover previous price highs above $100,000, with bearish sentiment dominating the market. Currently, the price of Bitcoin is reconfirming the support line of the subsequent Ascending Channel drop below $95,000. A crypto analyst has predicted that if it holds this key support level, it could organize recovery and skyrocket to its next bullish target, aligning with the upper front line of the channel.
Bitcoin Price Retest Support Line; New target in sight
In a chart showing the movement of Bitcoin prices within the Channel going upTrader Tardigrade, crypto analyst on X (formerly Twitter), show up that the cryptocurrency has temporarily dipped below the lower support line on the channel. The analyst called this decline a “False Break,” clarifying that the Ascending Channel remains intact despite the fall.
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As indicated by the red circle in the price chart, the False Break suggests that Bitcoin's short-term trend is below the level level of support short-term and does not confirm the continuation of its previous decline. Trader Tardigrade noted that after Bitcoin's false breakout, the cryptocurrency quickly moved back into the Ascending Channel to regain the lower support line.
Interestingly, Bitcoin's fall below the false breakout comes as the cryptocurrency pioneer has fallen sharply in price below $95,000. Recently, the main cryptocurrency has been under significant bearish pressurerecording a distinct decline as market volatility worsens.
Despite this bearish performance, Trader Tardigrade has indicated that Bitcoin is now retesting the support line of the channel, aiming to break above and encourage price conversion. The analyst predicts that if Bitcoin holds this support line, it may continue to move up within the channel.
As a result, the analyst has predicted that The next Bitcoin price target would be the highest front line of the Ascending Channel. Looking at the price list, the channel goes up to a range between $110,000 and $112,000.
If Bitcoin can successfully recover towards the upper resistance line, it could make the mark continuation of bullish trend within the Ascending Channel. Additionally, a breakout above the resistance line could further confirm the supportive trend, setting up a level for Bitcoin to target higher price levels and possibly reconfirm the low. highest ever.
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The analyst says that Bitcoin could fall to $87,000
The exchange rate of Bitcoin is going down against Bitcoin a sharp decline in prices despite analysts' optimistic forecasts of price increases. According to crypto analyst Titan of Crypto, the price of Bitcoin could see another declinewith the support level at $87,000 as the next target.
However, according to the analysis, a drop to this low price could cause “the most pain” for both short-term and long-term investors. Nevertheless, Titan of Crypto believing this severe price decline could also be a strong foundation for Bitcoin's next price rally.
He emphasized that price movements are rarely linear, indicating the volatility and volatility of the crypto market. In spite Bitcoin bearish behaviorTitan of Crypto confidently predicts that price rally to $110,000 is inevitable.
Featured image created by Dall.E, chart from Tradingview.com