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Over the last few weeks, the Bitcoin price has been on a downward trend, experiencing significant declines that have pushed it below its all-time high above $104,000. Despite this price crash, a crypto analyst has predicted that Bitcoin could recover from this slump and potentially reach a new ATH at $107,000. However, for the pioneer cryptocurrency to make this recovery, it would have to break past a crucial Fibonacci level. Why The Bitcoin Price Could Rebound To $107,000
Crypto analyst CobraVanguard releaseda chart analysis on TradingView, illustrating Bitcoin’s price movement and potential recoveryto $107,000 in the coming days. The analyst’s price chart showed that Bitcoin was previously in a rising wedge, a technical pattern generally viewed as a bearish signalas it indicates the likelihood of a price decline during an uptrend. Related Reading Dogecoin Price Roadmap To $0.75 ATH: Why The Next Wave Is Bearish And Could Drop To $0.15 1 day ago Source: TradingView
True to the pattern, Bitcoin broke below the rising wedge, turning its price significantly bearish and triggering declines. Following this wedge breakout, Bitcoin plummeted from above $100,000 to $94,000 in just a few days.
CobraVanguard has noted that the Fibonacci retracement levelsat 0.618 and 0.382 are marked on the chart, possibly indicating potential resistance and support zonesfor Bitcoin. With the price of Bitcoin crashing after breaking the wedge, it is now consolidating close to the 0.382 Fibonacci level between $92,000 and $94,000.
Considering Bitcoin’s current bear trend, the 0.382 Fibonacci level may act as support if its price falls again. On the other hand, CobraVanguard has predicted that if Bitcoin can break above the 0.618 Fibonacci level between $98,000 and $100,000, it could indicate renewed bullish momentum, potentially triggering a price recovery towards a new all-time highof $107,000, marked as the “target” zone on the chart.
Based on the trajectory of the arrow in CobraVanguard’s chart analysis, it appears that before Bitcoin can hit $107,000, it may face an even steeper declineto $90,000. The trajectory suggests a rebound towards $94,000, followed by a dip to $92,000. From there, Bitcoin is expected to climb to $100,000, experience another major pullback towards $95,000, and then surge to the analyst’s projected ATH at $107,000. Analyst Predicts More Downside For Bitcoin
Prominent crypto analyst Jelle has expressed bearish sentimenton the Bitcoin price outlook towards the end of the year. The analyst comparedBitcoin’s current price movements with those of the previous cycle, highlighting similarities in fractals and bearish trends. Related Reading Bitcoin Price Flashes Major Buy Signal On The 4-Hour TD Sequential Chart, Where To Enter? 1 day ago Source: TradingView
Jelle predicts that Bitcoin’s price could dropbelow $90,000 this week from its current market value of $94,192. The analyst has based this projected price decline on low liquidity, highlighting that festive holidays like Christmas often trigger less liquidity for digital assets, leading to potential downside risks.
Nevertheless, the analyst forecasts that after the short-term retracement, Bitcoin could resume its upward momentumin 2025. Based on his chart, he projects that the cryptocurrency could surge as high as $190,000 in Q2 next year. BTC price struggles at $94,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com