Bitcoin Price Prediction: Can Cramer’s $90k Endorsement Propel BTC Beyond $100k?
Post Bitcoin Price Prediction: Can Cramer’s $90,000 Endorsement Push BTC Above $100,000? first appeared in Coinpedia FinTech News
As the new trading week approaches, Bitcoin investors are paying close attention to signs of volatility, especially towards the end of the day near the close of the weekly candle. Bitcoin has been consolidating over the weekend, but this could signal a potential breakout.
Think about the big pictureBitcoin’s current price action is framed within a larger cycle starting in late 2022. According to the Elliott Wave Theory, the market has gone through multiple waves and we may be nearing the end of the current cycle. The first wave completed in April 2023, followed by a series of corrections and rallies. Currently, the market appears to be completing its fifth wave, which could signal another high before a major pullback.
Short-Term Price Action: Identifying Support and Resistance
For short-term traders, Bitcoin’s price action has been consolidating over the weekend with minimal fluctuations. The nearest support is between $95,900 and $96,530. A move above $98,500 would confirm further gains, with key resistance levels at $99,000 and $100,200.
Key Fibonacci levels and potential upside targets
Bitcoin’s next key resistance target is located near the $30,000 area, an important Fibonacci level. This level can serve as a milestone, marking the final push of the cycle. However, even if Bitcoin reaches this level, it may experience a larger correction later.
Will Bitcoin drop to the $90,000 level?
In a recent CNBC interview, “Mad Money” host Jim Cramer suggested that the next price point for those looking to buy Bitcoin is $90,000. He explained the importance of monitoring Bitcoin prices and said $90,000 could be a good entry level for new investors. Cramer believes that Bitcoin’s long-term potential makes it a solid investment, even if the price is higher.
