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The Bitcoin price has soared above $100,000for the first time ever, sparking optimism among market participants. In line with this development, crypto analyst Xanrox has provided insights into whether more gains lie ahead for Bitcoin or whether this rally above $100,000 could be a potential bull trap. What Next For Bitcoin Price Following Rally To $100,000
In a recent TradingView post, Xanrox suggested that the Bitcoin price will unlikely enjoy a sustained rally for now. He explained that this is unlikely because a sustained rally could easily put Bitcoin at $600,000 by December 2025, which is impossible. As such, he believes that BTC would need to slow down. Related Reading Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30 1 day ago Source: TradingView
The analyst further noted that the Bitcoin price hasn’t made any bigger correctionin the past weeks, which is one reason why he is not looking to buy BTC anytime soon. Xanrox remarked that the market needs to see a shakeout and a flash crash first before anything else. He suggested that Bitcoin could drop to as low as $85,000 when this correction finally happens.
Xanrox stated that the $85,000 levelis a very reasonable support because it is the end of the massive FVG (fair value gap) on the daily candles. He added that this target is also the start of the first price action on the volume profile. The crypto analyst revealed that this is the level at which he is looking to buy Bitcoin.
The crypto analyst indicated that this Bitcoin price rally to $100,000 is a bull trap, as he highlighted a symmetrical triangle on the four-hour chart. He said this looks like a bull trap for retail traders because everyone would buy the breakout. As such, he envisages that Bitcoin would make a last push to sweep liquidity. A Major Correction Might Not Come Anytime Soon
On the other hand, crypto analyst Ali Martinezhas offered a diverging opinion, suggesting that a major correction might not come anytime soon for the Bitcoin price. In his recent X post, he alluded to a previous post in which he stated that the current bullish cycle is very similar to the ones in 2017 and 2020. Related Reading Bitcoin Price To $100,000: Why Reclaiming The $96,400 Level Is Very Important For Another Rally 22 hours ago
If this pattern holds true, Martinez predicts that the Bitcoin price won’t suffer its first major correction of between 15% to 30% until its hits $135,000 or even $159,000. Meanwhile, the accompanying chart put the market top for Bitcoin at $240,000, indicating that it will still have more room to move the upside even after this correction. Source: TradingView
At the time of writing, the Bitcoin price is trading at around $102,800, up over 6% in the last 24 hours, according to datafrom CoinMarketCap. BTC breaks $100,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com