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In the past few weeks, the price of Bitcoin has been at a low habitit experienced a major decline that took it below its high above $104,000. Despite this price crashcrypto analyst predicted that Bitcoin can recover from this decline and may reach a new ATH at $107,000. However, in order for the cryptocurrency founder to make this recovery, he will have to go through a key Fibonacci level.
Why Bitcoin Price Could Go Back to $107,000
Crypto analyst CobraVanguard released chart analysis in TradingView, showing Bitcoin price movements and possible recovery to $107,000 in the coming days. The analyst’s price chart showed that Bitcoin was previously at a rising level, a technical pattern that is generally considered to be bearish signal as it indicates the probability that prices will decrease during an increase.
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In accordance with the pattern, Bitcoin broke below rising wedgeit turns its price into a very bearish one and causes a decline. After this explosion, Bitcoin dropped from over $100,000 to $94,000 in just a few days.
CobraVanguard noted that the Fibonacci retracement levels at 0.618 and 0.382 are marked on the chart, possibly indicating strength resistance and support areas because Bitcoin. As the Bitcoin price crashed after breaking the edge, it is now consolidating near the 0.382 Fibonacci level between $92,000 and $94,000.
If you consider Bitcoin’s current bear trendFibonacci level of 0.382 may act as a support if its price goes down again. On the other hand, CobraVanguard predicted that if Bitcoin could break above the 0.618 Fibonacci level between $98,000 and $100,000, it would show a renewed bullish momentum, which could cause the price to recover to new for all time of $107,000, marked with the “target” area on the chart.
Based on the trajectory of the arrow in CobraVanguard’s chart analysis, it appears that before Bitcoin hits $107,000, it may face an even greater decline to $90,000. The trajectory suggests a rebound to $94,000, followed by a dip to $92,000. From there, Bitcoin is expected to rise to $100,000, experience another major pullback at $95,000, and move to the analyst’s projected ATH at $107,000.
Analyst Predicts More Downsides for Bitcoin
Prominent crypto analyst Jelle expressed bearish sentiment on the Bitcoin price outlook towards the end of the year. Analyst compared The current price movement of Bitcoin and that of the previous cycle, highlighting the similarities in fractals and bearish trends.
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Jelle predicted that The price of Bitcoin may drop down $90,000 this week from its current market value of $94,192. The analyst based this perceived price drop on lower purchases, highlighting that festive holidays such as Christmas often cause a shortage of digital assets, leading to potential risks.
However, the analyst predicts that after the short-term recovery, Bitcoin may resume its upward momentum in 2025. Based on his chart, he predicts that the cryptocurrency could rise to $190,000 in Q2 next year.
The featured image was created with Dall.E, a chart from Tradingview.com
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