A prominent crypto analyst at X Username Pland has supported Bitcoin to retain his upward trend despite some important pricing dwing in the past week. It is striking that Pland explains that the most important cryptocurrency remains on track for a price of $ 340,000, but only if a specific support zone remains valid.
Bitcoin Bullish Momentum depends on $ 91,000 – $ 100,000 support structure
In one X On 31 May, Pland outlined Bitcoin’s potential to quickly re-introduce the price-discovery mode, regardless of the recent price dip. Since reaching a new of all time at $ 111,970, the flagship Cryptocurrency has gone in a small corrective phase, forcing market prices below $ 104,000.
Pland, however, explains that the price action of Bitcoin has a 3-year-old gigantic cup and hand pattern that is actively postulating the digital, is set to huge price gains in the current bull’s cycle. The cup and hand pattern is a common graph pattern that indicates a bullish continuation in price movement.
As illustrated in the graph above, the cup is formed Bitcoin’s crash of its previous all times at $ 69,000 in November 2021, followed by a stabilization and recovery period that lasted until March 2024 when Bitcoin returned to the same price level.
This is followed by the handle that is the decreasing channel, as can be seen from March 2024 to around October 2024 before Bitcoin won a decisive price drop above the $ 76,000 neckline in November 2024. Despite the registration of impressive steps of this price up to around $ 112,000, to reach a prize light tips for $ $ $ 5,000 2025.
In the midst of the constant retracement, the analyst states that this bullish structure remains in place as long as Bitcoin remains above the $ 91,000-$ 100,000 support price zone. Provided that the Prime Minister does not fall under this price level, the current correction is expected to serve as a purely pullback in preparation for a large revival.
Bitcoin -Award overview
At the time of writing, Bitcoin acts at $ 104,739 after a small price win of 0.64% in the past day. In the meantime, the daily trading volume of the actively appreciated at $ 40.03 billion after an increase of 31.28% in the past day.
Despite this small price increase in the past day, Bitcoin has to return to his current of all time high at $ 111,970 to potentially neutralize each current Bearish. The Prime Minister Cryptocurrency, however, will be confronted with known resistors at the $ 106,000 and $ 109,000 to achieve this task.