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In recent weeks, the Bitcoin price has risen to a level downward trendand experienced significant declines that pushed the price below its all-time high above $104,000. Despite this price crasha crypto analyst has predicted that Bitcoin could bounce back from this slump and possibly reach a new ATH of $107,000. However, for the cryptocurrency pioneer to make this recovery, it would have to break past a crucial Fibonacci level.
Why Bitcoin Price Could Rise to $107,000
Crypto analyst CobraVanguard issued a chart analysis on TradingView, illustrating Bitcoin’s price movement and potential recovery to $107,000 in the coming days. The analyst’s price chart showed that Bitcoin was previously in a rising wedge, a technical pattern generally considered a trend bearish signal because it indicates the probability of a price drop during an uptrend.
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True to the pattern, Bitcoin broke below the rising wedgecausing the price to become significantly bearish and triggering declines. After this wedge breakout, Bitcoin plummeted from above $100,000 to $94,000 in just a few days.
CobraVanguard has noted that the Fibonacci retracement levels the map shows 0.618 and 0.382, which may be an indication of potential resistance and support zones for Bitcoin. With Bitcoin price crashing after breaking the wedge, it is now consolidating close to the 0.382 Fibonacci level between $92,000 and $94,000.
Whereas Bitcoin’s current bear trendthe Fibonacci level of 0.382 can act as support if the price falls again. On the other hand, CobraVanguard has predicted that if Bitcoin can break between $98,000 and $100,000 above the Fibonacci level of 0.618, it could indicate renewed bullish momentum, potentially triggering a price recovery towards a price recovery. new all-time record of $107,000, marked as the “target zone” on the map.
Based on the trajectory of the arrow in CobraVanguard’s chart analysis, it appears that before Bitcoin can reach $107,000, it may faces an even sharper decline up to $90,000. The trajectory suggests a recovery towards $94,000, followed by a dip towards $92,000. From there, Bitcoin is expected to rise to $100,000, experience another big drop towards $95,000, and then rise to the analyst’s expected ATH of $107,000.
Analyst predicts more downsides for Bitcoin
Prominent crypto analyst Jelle has expressed this bearish sentiment about the Bitcoin price outlook by the end of the year. The analyst compared Bitcoin’s current price movements with those of the previous cycle, highlighting similarities in fractals and bearish trends.
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Jelle predicts that The price of Bitcoin could fall below $90,000 this week versus the current market value of $94,192. The analyst has based this expected price drop on low liquidity, highlighting that festive holidays such as Christmas often lead to less liquidity for digital assets, leading to potential downside risks.
Nevertheless, the analyst predicts that after the near-term retracement Bitcoin could resume its upward momentum in 2025. Based on his chart, he predicts that the cryptocurrency could rise to $190,000 in the second quarter next year.
Featured image created with Dall.E, chart from Tradingview.com