Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Bitcoin market suffered a heavy crash on Friday after US President Donald Trump confirmed plans to place a 100% tariff on Chinese goods. The planned order, which was in response to an initial export tax order by the Asian superpower, shook financial markets globally, resulting in total crypto liquidations of $19 billion.
However, the market has stabilized in the past few hours with Bitcoin prices now consolidating around $111,000. While investors await the next price movement, a prominent analyst with the X username PlanD has shared two important conditions for the next bullish wave. Related Reading Bitcoin Price Drops Toward $117,000: What Lies Ahead? Three Possible Scenarios 1 day ago 2 Important Bitcoin Levels To Watch – Analyst
In a recent X post on Saturday, PlanD shares an updated technical analysis of the Bitcoin market following recent volatility in the market. The analyst explains that the macro-induced crash on Friday resulted in a heavier market correction than expected, pulling prices to around $109,600. Notably, this region, which is the lower boundary of a symmetrical triangle on the daily chart, acted as an effective price support, confirming the technical bottom of the price crash.
Importantly, PlanD notes that the recent price drop does not signify a break in Bitcoin’s broader bullish trend, but rather serves to flush out excessive altcoin leverage in the futures market. In addition to the symmetrical triangle pattern, the Bitcoin chart also presents a bull flag pattern, both of which are bullish formations that remain valid. Source: @cryptododo7 on X
With excessive leverage cleared and funding rates normalizing, Bitcoin could regain stability and attract buying interest that could launch another upswing. However, the crypto analyst explains that one critical condition to maintaining this bullish structure is that Bitcoin bulls must maintain price above the psychological support level of $109,600.
Thereafter, the premier cryptocurrency must also reclaim a key resistance zone $115,900 – $117,000, thereby reinforcing its bullish intent and the viability of both bullish formations. In this case, PlanD tips Bitcoin to race to the symmetrical triangle price target at $134,000 and the bull flag target at $160,000, respectively, representing a potential price gain of 21% – 45%. Related Reading XRP Leading A $400 Trillion Revolution? How Ripple’s Tokenization Campaign Is Sparking Utility 1 day ago Bitcoin Price Overview
At the time of writing, Bitcoin trades at $111,700 following a 0.31% price fall in the last day, following the recent flash crash. Meanwhile, the asset’s daily trading volume is down by 49.75% and valued at $88.74 billion.
PlanD is backing Bitcoin’s long-term bullish potential, having described the macro-induced crash as a “precursor” to a major price takeoff, as seen in March 2020. With a market cap of $2.21 trillion, Bitcoin retains its rank as the largest cryptocurrency with a market dominance of 58.2%. BTC trading at $111,576 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from Flickr, chart from Tradingview