The recent price promotion of Bitcoin retains above the level of $ 108,000, despite a series of small withdrawal into recent trade sessions. In particular, Coingecko -data -that the Bitcoin price has risen to an intraday height of $ 109,116, but it could not hold and was slightly lower at the time of writing.
Has been volatility relatively modest for Bitcoin above $ 106,000. Doctor win, a well-followed crypto analyst, however, believes that Bitcoin is Still in a bullish structure, And he outlined two probable paths for the next major movement.
Bull flag and breakout up to $ 130,000 with retest
The first Scenario outlined by The doctor’s profit includes an outbreak to a price level between $ 113,000 and $ 114,000, which would bring Bitcoin to a new all time process. However, these of all time would be very short. According to this scenario, a sharp correction is expected to follow as soon as Bitcoin reaches this range.
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This correction sends the price again to $ 92,000 to $ 93,000 to fill a CME opening and to tap into a large liquidity pool. Rather Then cause panicThe analyst regards this movement as part of a bullish continuation.
This potential retracement zone is clearly marked on the daily candelaard diagram of Doctor Profit with the message “Add more if the market allows it.” The pullback, if it happens, would do that serve to reset the market And initiate a bouncing before Bitcoin resumes his upward process to $ 120,000.
Direct rally up to $ 120,000 without retest
The second path completely skips the correction. In this scenario, Bitcoin breaks the flag resistance to gather past $ 113,000. From there, the Bitcoin scenario sees it going up without returning to the lower support zones. The movement depends on the power From Bitcoin to get a quick momentum and to lead to a strong push to $ 120,000. Doctor profit points out that this option is a more aggressive bullish continuation and both scenarios are valid for bullish price goals in the long term.
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He also invalues the fears of the sudden movement of a sleeping whale of the Satosh era Wallet with 80,000 BTC. The analyst is of the opinion that the transfer was probably a freely available deal between a large private entity and an institution or government and not a sign of Threatening sales pressure. The volatility will be very low in the coming days, because there are no macro market events that can cause the price population. FOMC meetings are owed on Wednesday and there will be American unemployment claims on Thursday, but both are events with low volatility.
Nevertheless, the price range is from $ 113,000 to $ 114,000 the most important level To view in both scenarios. What follows from there will define a sharp correction or a straight continuation, the speed of the next leg to $ 120,000. At the time of writing, Bitcoin acts at $ 108,270.
Featured image of Pixabay, graph of TradingView.com