Bitcoin Price Retests Support Line After Crash Below $95,000, Here’s The Next Target
Bitcoin prices have struggled to regain their previous highs above $100,000, with bearish sentiment dominating the market. Currently, Bitcoin price is retesting the support line of the ascending channel Dropped below $95,000. One cryptocurrency analyst predicts that if it can hold this key support level, it could Perform recovery and surges towards the next bullish target, aligned with the channel’s upper resistance line.
Bitcoin price retests support; new target in sight
In a chart illustrating the price movement of Bitcoin over time rising channelTrader Tardigrade, Cryptocurrency Analyst at X (formerly Twitter), disclose The cryptocurrency temporarily fell below the channel’s lower support line. Analysts called the drop a “false breakout,” emphasizing that the ascending channel remained intact despite the decline.
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As shown by the red circle on the price chart, a false breakout indicates that Bitcoin briefly fell below support level is short-lived and does not confirm whether the previous downward trend will continue. Trader Tardigrade noted that after Bitcoin’s false breakout, the cryptocurrency quickly returned to the ascending channel and reclaimed the lower support line.
Interestingly, Bitcoin’s False breakout came as the pioneer cryptocurrency experienced a sharp price crash below $95,000. Recently, the flagship cryptocurrency was Facing clear bearish pressurea significant decline as market volatility intensified.
Despite the bearish performance, trader Tardigrade revealed that Bitcoin is now retesting the channel’s support line again, aiming to break above it. trigger price reversal. Analysts predict that if Bitcoin can hold this support line, it may continue to move upward within the channel.
Therefore, analysts predict Bitcoin’s next price target will be the upper resistance line of the ascending channel. Looking at the price chart, the channel is pointing upward towards the range between $110,000 and $112,000.
If Bitcoin can successfully recover to the overhead resistance line, it could signal a Continuation of the bullish trend Within the ascending channel. Additionally, a break above the resistance line could further validate the bullish momentum, setting the stage for Bitcoin to potentially target higher price levels and potentially retest its all-time highs.
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Analysts say Bitcoin could plummet to $87,000
Bitcoin is currently in a downtrend, serious price drop That’s despite analysts’ optimistic predictions of a price surge. According to cryptocurrency analyst Titan of Crypto, Bitcoin price Another downturn is likelythe next target is the $87,000 support.
However, the analyst said a drop to this low could cause “the most pain” to both short- and long-term investors. Nonetheless, Cryptocurrency Titan believe This severe price drop could also set up a solid foundation for Bitcoin’s next price increase.
He emphasized that price movements are rarely linear, highlighting the inherent unpredictability and volatility of cryptocurrency markets. although Bitcoin’s bearish behaviorCrypto Titan confidently predicts that a price rise to $110,000 is inevitable.
Featured image created using Dall.E, chart from Tradingview.com
