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A crypto analyst who is accurate predicted the Bitcoin price crash to $99,000 has now made another notable prediction for the pioneer cryptocurrency. While the analyst’s previously bearish projection was driven by volatility and declining market demand for Bitcoin, his new forecast sees the cryptocurrency skyrocketing to new highs above $110,000, fueled by recent bullish performance.
Bitcoin to retest key support as its next move
From a technical perspective, TradingView crypto analyst R.Linda has done just that localized the range between $102,500 and $100,000 as a critical support zone for Bitcoin. The analyst emphasizes that if Bitcoin can retest and maintain a price above this zone, it could set the stage for a potential market rally to new ATHs of $120,000 in the medium term.
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According to CoinMarketCap, Bitcoin is currently trading at $108,594, marking a dramatic increase of 4.65% in the last 24 hours. R. Linda suggests that this recent price increase may be the result of strong accumulation and growing investor confidence.
Given Bitcoin’s growing momentum, TradingView’s market expert has determined this new resistance levels for $103,600, $105,700 and $107,500. She believes a successful escape from these levels could provide momentum Bitcoin to retest new bullish targets between the range of $108,000 and $112,000.
Despite correctly predicting the recent Bitcoin crash to $99,000, the analyst believes another failure to stay above $100,000 could temporarily delay a price rise, with the possibility of a more resounding crash. R. Linda stated that Bitcoin is a correction patternand may experience a slight pullback to the 0.5 Fibonacci retracement level near $100,000, or even as low as $97,500.
Going forward, Bitcoin’s overall trend remains bullish as long as the price quickly recovers from any expected declines and remains above critical support levels. The $102,500 level is highlighted as a crucial price point that is expected to activate Bitcoin’s bullish sequel.
Bitcoin’s current market conditions
According to R. Linda, Bitcoin surprised the market again with an increase of more than 18% in the past week after crossing previous support zones. The flagship cryptocurrency quickly fueled previous bullish sentiment after retesting “the panic and risk zone” as selling pressure increased significantly.
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This sharp price increase is attributed to technical, fundamental and macroeconomic factors. R. Linda has reported an increase in activity from institutional investors and the main players in this field. That’s what she suggested Donald Trump’s inauguration as President of the United States (US) and speculations about it favorable crypto policy under his reign have also contributed significantly to Bitcoin’s recent recovery.
The bullish combination has consolidated Bitcoin’s position and created strong momentum that has attracted new buyers and increased institutional interest from players around the world. R. Linda emphasizes that Bitcoin’s price action in the past three days indicates a strong consolidation and accumulation phase, with buyers aggressively defending the price range between $91,000 and $89,000.
Featured image from Unsplash, chart from Tradingview.com