The post Bitcoin Price Prediction: Can Cramer’s Approval of $90,000 Take BTC Beyond $100,000? appeared first on Coinpedia Fintech News
As the new trading week approaches, Bitcoin investors are paying close attention to signs of volatility, especially towards the end of the day as the weekly candle close approaches. Bitcoin spent the weekend consolidating, but this could signal a possible breakout.
Looking at the bigger pictureBitcoin’s current price action is framed within a larger cycle that began in late 2022. According to Elliott Wave Theory, the market has moved through multiple waves and we may be nearing the end of the current cycle. The first wave completed in April 2023, followed by a series of corrections and rallies. Currently, the market appears to be completing wave five, which could mark a new high before a major correction.
Short-term price action: identifying support and resistance
For short-term traders, Bitcoin price action consolidated with minimal movement this weekend. The nearest support levels are between $95,900 and $96,530. A move above the $98,500 level would be confirmation of further upside potential, with key resistance levels at $99,000 and $100,200.
Key Fibonacci Levels and Potential Upside Targets
The next major resistance target for Bitcoin is around $30,000, a significant Fibonacci level. This level could act as a milestone and indicate the final push in this cycle. But even if Bitcoin reaches this level, it could undergo a bigger correction afterwards.
Will Bitcoin Drop to $90k Level?
In a recent CNBC interview, “Mad Money” host Jim Cramer recommended $90,000 as the next price point for those looking to buy Bitcoin. He explained the importance of monitoring the price of Bitcoin and said that $90,000 could be a good entry level for new investors. Cramer believes that Bitcoin’s long-term potential makes it a solid investment, even at higher prices.