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Bitcoin price is struggling to regain previous price highs above $100,000 with bearish sentiment dominating the market. Currently, Bitcoin price is retesting the support line of an ascending channel crashes below $95,000. A crypto analyst has predicted that if he can maintain this key support level, it is possible stage of recovery and shoots up to its next bullish target, aligning with the channel’s upper resistance line.
Bitcoin Price Retest Support Line; New goal in sight
In a chart illustrating the price movement of Bitcoin within a time frame Ascending channelTrader Tardigrade, a crypto analyst at X (formerly Twitter), revealed that the cryptocurrency has temporarily fallen below the lower support line on the channel. The analyst labeled this drop a “false break,” emphasizing that the Ascending Channel remains intact despite the drop.
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As indicated by the red circle on the price chart, the False Break suggests that Bitcoin’s short move is below the support level was short-lived and does not confirm the continuation of the previous downward trend. Trader Tardigrade noted that after Bitcoin’s false breakout, the cryptocurrency quickly moved back into the ascending channel to regain the lower support line.
Interestingly, Bitcoin’s decline below the False break comes as the pioneer cryptocurrency experienced a sharp price crash below $95,000. Lately the flagship has been cryptocurrency under significant bearish pressurewith notable declines being recorded as market volatility increases.
Despite this bearish performance, Trader Tardigrade has revealed that Bitcoin is now retesting the channel support line, aiming to break above and below the market. cause a price turnaround. The analyst predicts that if Bitcoin can hold this support line, it will likely continue moving up within the channel.
The analyst predicted that Bitcoin’s next price target would be the upper resistance line of the ascending channel. Looking at the price chart, the channel points upward towards a range between $110,000 and $112,000.
If Bitcoin can successfully recover towards the upper resistance line, this could be a signal continuation of a bullish trend within the Ascending Channel. Additionally, a break above the resistance line could further validate bullish momentum, setting a stage for Bitcoin to potentially target higher price levels and potentially retest its all-time high.
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Analyst Says Bitcoin Could Crash to $87,000
Bitcoin is currently in a downtrend serious price drops despite analysts’ optimistic predictions of a price increase. According to crypto analyst Titan from Crypto, the Bitcoin price has risen could see another declinewith the support level at $87,000 being the next target.
However, according to the analyst, a drop to this low could cause “maximum pain” for both short- and long-term investors. Nevertheless, Titan of Crypto believes this severe price drop could also provide a strong foundation for Bitcoin’s next price rise.
He emphasized that price movements are rarely linear, highlighting the inherent unpredictability and volatility of the crypto market. Despite Bitcoin’s bearish behaviorCrypto’s Titan confidently predicts that a price rise to $110,000 is inevitable.
Featured image created with Dall.E, chart from Tradingview.com
