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The price promotion of Bitcoin has drawn a sharp dividing line Between long -term bullish expectations And reality in the short term. After a peak above $ 111,000 in May, the Bitcoin price has entered into a retracement phase and is now being traded under $ 105,000. While some interpret the current decline as a sign of a weakening trend, others see it as one Bullish correction of the textbook.
Among them is Crypto Analyst Masterananda, whose newest graph suggests that Bitcoin is structurally strong enough to reach new highlights, but it can fall short of the speculated $ 200,000 price target this cycle.
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Masterananda predicts a higher goal with low and $ 137,000
In His trading railwayMasterananda clearly explained that Bitcoin is still in a bullish structure, but he believes that a peak of $ 200,000 is out of reach for this cycle. Instead, he identified $ 137,000 as the more realistic upward target then Bitcoin Finally recovers from the constant correction.
According to the analyst, the formation of a higher layer on the larger period of time will be an important confirmation that the macro -up trend of Bitcoin will remain intact. It sketched $ 88,888.88 as an ideal retracement level to make this perfect higher layer, because it matches the 0.618 Fibonacci level and far above The previous soil at $ 74,500 on April 7.
Despite the current sale, Masterananda argues that the wider trend is healthy. “Bitcoin will never again trade below $ 80,000 in its history,” he said, and concluded a deep reversal under the earlier low point.
On the other hand, the analyst also noted that if Bitcoin holds more than $ 100,000 to $ 102,000, this retracement would be considered small, with a price action that is still classified as bullish continuation instead of a breakdown.
If Bitcoin Bulls succeed in keeping prices above that area, this would suggest that the current step is nothing more than a short -term dip. When that moment arrives, the bias will shift from short to long and a meeting to $ 137,000. However, a clean break below the price level of $ 100,000 would mean a considerable shift in how long Bitcoin reaches new highlights.
Graphic From TradingView: Masterananda
Rlinda reflects $ 101,000 support for Bitcoin
Add to the analysis, another trader, rlinda, shared a graph perspective of 4 hours Show how Bitcoin is currently in a fragile recovery path. She agrees that Bitcoin still works in a bullish context, but the $ 102,000 and $ 101,400 zones marked as essential structural support.
Her graph suggests that the false outbreak at the most important resistance level of $ 110,000 is the end of the recent rally bone, and the current decline can be a liquidity -driven correction instead of a full reversal of the bullish trend.
Moreover, Rlinda’s analysis shows that it Bitcoin has left its upward channel. The outcome, she said, will strongly depend on whether support levels can be at $ 102,000 and $ 101,400. A struiting of these levels can lead to a retest of the resistance zone from $ 106,000 to $ 108,000, where the market direction can become clearer. If bulls do not have $ 101,000, this could invite a more dramatic sale that pushes the bitcoin price to a local soil or even deeper.
Graphic Picture of TradingView: Rlinda
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Both analysts agree on one thing: Bitcoin’s current correction is not yet a complete collapse. At the time of writing, Bitcoin acts at $ 104,290, an increase of 0.5% in the last 24 hours.
Featured image of Unsplash, graph of TradingView