The Bitcoin market suffered a major crash on Friday after US President Donald Trump confirmed plans to impose a 100% tariff on Chinese goods. The planned decision, which was in response to an initial export tax order from the Asian powerhouse, shocked financial markets worldwide, resulting in total crypto liquidations of $19 billion.
However, the market has stabilized in recent hours, with Bitcoin prices now consolidating around $111,000. As investors wait for the next price move, a prominent analyst with the X username PlanD has shared two key conditions for the next bullish wave.
2 Key Bitcoin Levels to Watch – Analyst
In a recent one X message On Saturday, PlanD will share an updated technical analysis of the Bitcoin market following recent market volatility. The analyst explains that Friday’s macro-induced crash resulted in a bigger market correction than expected, pushing prices up to around $109,600. Notably, this region, which forms the lower boundary of a symmetrical triangle on the daily chart, acted as an effective price support, confirming the technical bottom of the price crash.
Importantly, PlanD notes that the recent price drop does not represent a break in Bitcoin’s broader bullish trend, but rather serves to flush out excessive altcoin leverage in the futures market. In addition to the symmetrical triangle pattern, the Bitcoin chart also presents a bull flag pattern, both bullish formations that remain valid.
With excessive debt lifted and funding rates normalized, Bitcoin could regain stability and attract buying interest that could spark a new rebound. However, the crypto analyst explains that a crucial condition for maintaining this bullish structure is that Bitcoin bulls must keep the price above the psychological support level of $109,600.
After that, the leading cryptocurrency should also reclaim a key resistance zone at $115,900 – $117,000, reinforcing the bullish intent and viability of both bullish formations. In this case, PlanD is tipping Bitcoin to race towards the symmetrical triangle price target of $134,000 and the bull flag target of $160,000 respectively, representing a potential price gain of 21% – 45%.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $111,700, having fallen 0.31% in the past day following the recent flash crash. Meanwhile, the asset’s daily trading volume is down 49.75% and is valued at $88.74 billion.
PlanD supports Bitcoin’s long-term bullish potential, describing the macro-induced crash as a “precursor” to a major price surge seen in March 2020. With a market cap of $2.21 trillion, Bitcoin maintains its rank as the largest cryptocurrency with a market dominance of 58.2%.