After the steep corrections that were seen at the end of July, the Bitcoin market had a modest recovery in the past week, with 2.73% according to Data from Coinmarketcap. However, another rejection in the midst of this revival of the price forces the most important cryptocurrency to act within the price region of $ 116,000. While the Cryptomarkt is waiting for the next step of token, the cumulative trading activity signals potentially for a big price increases to a new of all time.
Golden ratio in sight: Bitcoin focuses on $ 131k after VolumePlanhold
In one X On August 8, the popular financial market analyst Donald Dean will share an interesting Bullish pricing forecast on the Bitcoin market. Based on the existence of a volume plan on the BTCUSDT Daily Chart, Dean tips the crypto market leader to reach a market rating of $ 131,000 soon.
By way of explanation, a volume board refers to a price level in which a considerable amount of trading activity/volume has occurred. In the graph above, this trade level is indicated by the horizontal bars on the right side of the graph. A volume board tends to act as a strong resistance or support zone, because it is assumed that many traders have been purchased or sold at this level.
According to Donald Dean’s analysis, Bitcoin is currently floating around a volume plan between $ 116,000 – $ 118,000, which is identified as a potential launch area. If Bitcoin can consolidate decisively above this reach, this suggests that this level is sufficiently interested in acting as a springboard for the next leg up.
Interestingly, Dean predicts that this battery phase would offer the momentum needed to push BTC in the direction of the 1,618 Fibonacci extension level, an important technical milestone that is known as the “Golden Ratio”. This level, positioned around $ 131,000, represents the next top price goal for the Bitcoin market, which indicates a potential profit of 12.93% on current market prices.
Bitcoin -Market overview
At the time of writing, Bitcoin acted at $ 116,756, after a small decrease of 0.02% in the last 24 hours. In the meantime, the market trade volume has fallen by 20.97% and is appreciated at $ 55.24 billion.
Data from Coincodex Indicates that the market sentiment remains strong bullish, with the Fear & Greed index at 67. Despite this optimism, analysts expect BTC to keep within its current reach, which plays the prices of $ 117.167 in five days and $ 115,980 in thirty days, and a potential dip to $ 112.688 in the coming three months.