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Following the previous forecast of Bitcoin flash crash to $94,000, the crypto analyst set a new goal for the pioneer cryptocurrency. The analyst expects another big drop in Bitcoin price ahead of it hits a new all-time high.
$130,000 Target In Sight After Bitcoin Flash Crash
The broader crypto market has had a significant correction caused by the recent Bitcoin crash. In the last week, the price of Bitcoin is lost $3,000 in less than 30 minutes, dropping from $97,000 to $94,000 before rebounding back above $97,000. This unexpected flash crash has started diffuse eliminationwith more than $1.5 billion in long and short positions liquidated as traders tried to cut losses.
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With Bitcoin right now showing signs of pressureanalysts expressed their expectations for the future price rally. Notably, TradingView’s crypto analyst, identified as ‘Setupsfx,’ shared a detailed price chart that predicts future Bitcoin movements and next target.
The analyst correctly predicted Bitcoin’s flash crash to $94,000 and has now expanded his prediction to include a potential recovery phase. According to his latest analysis, Bitcoin is expected to find strong support all around level of $96,000 following a temporary price adjustment in this important area. This new level of support is seen as a healthy follow-up to help build momentum to the upside.
The analyst’s chart shows i accumulation phase on the left side, where prices seem to move sideways, they make a strong decline while filling the Fair Value Gaps (FVG). Additionally, order blocks and Bore Blocks (BOS) can be seen on the Bitcoin price chart.
According to the chart, the price of Bitcoin successfully broke out of the aforementioned rallying point and started a rally that led to its ATH above $100,000. This bullish momentum is consistent with the hype from US Presidential Electionwhich caused Bitcoin to rise to an all-time high.
With this in mind, the analyst predicts that Bitcoin will suffer another pullbackit is probably testing the $96,000 area before the price reversal. This reversal is expected to ignite a new rally, possibly pushing Bitcoin to a new target of $130,000.
Update on BTC Price Action
At the time of writing, the price of Bitcoin is trading at $97,223 after falling more than 2% in the last 24 hours, according to CoinMarketCap. The cryptocurrency was trading below the $100,000 level following a slight pullback after hitting the ATH over $104,000.
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I broad market sentiment it changed again despite the recent Bitcoin price drop. Notably, Bitcoin trading volume has increased by 99% in the past 24 hours, and the market cap is approaching $2 trillion.
Commenting on Bitcoin’s price action, crypto analyst Jelle revealed that Bitcoin’s current price action closely mirrors its behavior during the 2020 ATH breakout. Based on this same price movement, the analyst predicts that Bitcoin could see another breakout soon if it maintains this bullish momentum.
The featured image was created with Dall.E, a chart from Tradingview.com
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