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Crypto analyst TradingShot recently discussed the Bitcoin price rejection at $99,000 and provided insight into whether it was temporary or marking the end the bull rally. His analysis indicated that this price rejection was temporary and that Bitcoin would still reach and possibly surpass the $100,000 mark.
Bitcoin Price Rejection at $99,000 Likely Temporary
In one TradeView postTradingShot suggested that the rejection of Bitcoin’s $99,000 price is likely temporary. As for what could have caused this price rejection, the analyst noted that it could be due to the exhaustion of post-election euphoria as the market has fully priced in the fact that pro-crypto Donald Trump will be the next American president.
The analyst added that there is also a psychological weight to it $100,000 barrierpossibly because investors tend to take profits around such levels. From a technical analysis perspective, the analyst explained what could be causing this Bitcoin price rejection at the $99,000 level.
TradingShot highlighted a Fibonacci channel running through the last three cyclesincluding this one. He noted that this pattern started with a strong upswing that formed the December 2013 top for the Bitcoin price. That cycle top was at the 0.236 Fib level of the cycle, which is a level that has rejected rallies during subsequent cycles.
This Fib level rejected the Bitcoin price uptrend on November 22 and acts as this “first real resistance of the bull cycle.” TradingShot stated that this is the first major rejection level a bull cycle will face before the eventual market top. The analyst added that the high for the last two cycles has been at the 0.0 Fib level, which is technically at the top of this channel.
The analyst’s accompanying chart showed that the target is at the top of this channel for Bitcoin price above $200,000. However, TradingShot said the red spot on the current cycle at the end of 2025 does not represent a projection, but is merely an illustration for comparison purposes.
When the market top could happen
TradingShot also provided insight into when the Bitcoin price could top in this market cycle. The analyst noted that recent bull cycles have lasted approximately 150 weeks (1050 days). Therefore, a repeat of this pattern would mean that the Bitcoin top for this cycle could come in late September or early October.
The analyst stated that it is much better to try to time the market and sell than to put an actual price tag on it. TradingShot added that even though Bitcoin price is at a technical rejection, the current rally started at the August 5 low, which is right in the 1-week 50-day period. moving average. As long as this trendline holds, the analyst noted that the cyclical bullish wave should remain intact.
Featured image created with Dall.E, chart from Tradingview.com