Bitcoin’s Potential Price Surge to $108K: Will a Dip to $74K Follow?
Post Bitcoin’s potential price surges to $108,000: Will it follow to $74,000? first appeared in Coinpedia FinTech News
Bitcoin recently hit the $100,000 mark, and many are wondering if this is the start of a new bull run. Verified Investing chief market strategist Gareth Soloway discusses the recent surge and its connection to broader market trends Interview with David Lin. Soloway said that while Bitcoin has been rising, it is closely tied to the performance of the stock market. When stocks fall, Bitcoin tends to follow suit, so traders should remain wary of potential pullbacks.
Next Bitcoin Target: $107,000-108,000
Soloway said the next major resistance level for Bitcoin lies between $107,000 and $108,000. The current chart shows that Bitcoin follows a parallel trend, with the price tending to rebound when it hits the lower end of the range. Soloway believes that once Bitcoin reaches the level of 107,000-108,000 US dollars, a larger adjustment may occur, which is worthy of vigilance.
Long-term view: support and buying opportunities
Looking at Bitcoin’s broader trends, Soloway said past price cycles have shown a pattern in which the highs of the previous cycle tend to serve as support for the next cycle. He said that if Bitcoin falls back to the $74,000 to $75,000 range, it could be a great buying opportunity on the next rise.
Understanding Bitcoin Volatility
Bitcoin’s price fluctuations are driven in part by psychological factors. When Bitcoin reaches key levels, such as the $100,000 mark, many traders pile in out of fear of missing out on further gains. However, once these traders buy in, the market may experience a correction, as Bitcoin did recently when it briefly hit $104,000 before falling to $92,000. This sudden drop is usually caused by a lack of buyers below key levels.
What’s next for Bitcoin
Bitcoin’s journey towards $100,000 has raised many questions about its future. While Bitcoin is likely to rise further, a correction is likely in the near future, especially as it approaches key resistance levels. As the long-term trend for Bitcoin remains bullish, many traders are looking to buy during the correction, especially if Bitcoin falls into the $74,000 to $75,000 range.