Because the Bitcoin price has organized a rebound that comes from the weekend, the momentum is Bullish started to be skewed again, And the expectations remain that the price will be higher from here. Some predictions have placed the price of the digital actively lower. However, there are some who expect this to be the start of the next upward wave for Bitcoin. One is Crypto analyst Arman Shabann, who shared an analysis of the Bitcoin prize that seems to play very well.
Why the Bitcoin price is on its way to higher levels
In the analysis, Arman explained The current Bitcoin -Price Project as Bullish, especially with the formation of a clearly rising channel. The digital active was moved within this rising channel, and this is seen in the recent upward push that the Bitcoin price continued.
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So far, the cryptocurrency seems to be moving according to plan, after bouncing the support between $ 108,000 and $ 109,000. After this struiting, the analyst is of the opinion that the Dogecoin price has now discussed what is known as a natural correction phase.
At this level, the Bitcoin price is still trending along the center line, and this is where the next movement can be determined. Now there is still the possibility that the price will continue to lay and the support area just above the $ 105,000 retest region, as shown in the graph.
In this case, however, the Bitcoin price would prepare for a new bouncing if this level applies. Moreover, the analyst points out that this would be an ideal access point if the price would actually reach this level, given that it is expected from this point that it actually returns.
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For the bullish scenario, the Bitcoin price must keep the upper limit of the channel to continue its upward trend. As soon as Bulls has taken control, the price will probably stay up, in which the analyst predicts a movement of more than 30%. Such a step would rise the Bitcoin price up to $ 156,000 before the rally is over.
On the other hand, the bears still have the opportunity Reclaim control over the digital active From here. This is in breaking below the level of support and to reduce the momentum to the negative area. If the support of $ 105,000 does break, then the next possible goal is the dynamic support just above the $ 100,000 area.
Featured image of dall.e, graph of tradingview.com