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The Bitcoin price has rose above $100,000 for the first time ever, creating optimism among market participants. In line with this development, crypto analyst Xanrox has provided insight into whether more gains are in store for Bitcoin or if this rally above $100,000 could be a potential bull trap.
What next for the Bitcoin price after rallying to $100,000?
In a recent one TradeView postXanrox suggested that the Bitcoin price is unlikely to enjoy a sustained rally for a while. He explained that this is unlikely because a sustained rally could easily take Bitcoin to $600,000 by December 2025, which is impossible. That’s why he believes BTC should slow down.
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The analyst further noted that the Bitcoin price has not yielded anything bigger correction in recent weeks, which is one reason why he doesn’t want to buy BTC anytime soon. Xanrox noted that the market needs to see a shakeout and a flash crash before anything else happens. He suggested that Bitcoin could drop to $85,000 if this correction finally happens.
Xanrox stated that the $85,000 level is a very reasonable support as it marks the end of the huge FVG (fair value gap) on the daily candles. He added that this target is also the start of the first price action on the volume profile. The crypto analyst revealed that this is the level at which he wants to buy Bitcoin.
The crypto analyst indicated that this Bitcoin price rally to $100,000 is a bull trap as he highlighted a symmetrical triangle on the four-hour chart. He said this looks like a bull trap for retailers because everyone would buy the breakout. As such, he foresees Bitcoin making a final attempt to increase liquidity.
A major correction may not come anytime soon
On the other hand, crypto analyst Ali Martinez has given a mixed opinion, suggesting that there won’t be a major correction for the Bitcoin price anytime soon. In his recent
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If this pattern holds true, Martinez predicts that the Bitcoin price will not experience its first major correction of 15% to 30% until the price reaches $135,000 or even $159,000. Meanwhile, the accompanying chart put the market at the top Bitcoin at $240,000indicating that there will be more room for upside even after this correction.
At the time of writing, the Bitcoin price is trading around $102,800, up over 6% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com