Bitcoin has been hanging out between $103,000 and $104,500 for a few days now, after a big jump past $100,000 last week. But things might be about to change.
Analyst Predicts a Big Move Up
One crypto analyst, CrediBULL, thinks Bitcoin is ready to blast off to new highs. They see a recent price movement as the end of a period of sideways trading and the start of a new rally towards $110,000.
CrediBULL’s analysis shows a potential big upward move if Bitcoin stays above $101,000-$102,000. Their trade setup has a good risk-reward ratio (5:1!), aiming for $110,660. However, if the price drops below the starting point of this recent move, the focus shifts to support around $101,800.
$110,000: Realistic Target?
CrediBULL gives their prediction of a move to $110,000 at least a 20% chance of happening – not bad odds in the wild world of crypto! Bitcoin has already pushed past $105,000 in the last day, adding weight to the idea that the consolidation period is over.
Reaching $110,660 would mean a 6% increase from the current price, while the downside risk is limited. So, could we see Bitcoin hit $110,000 soon? Only time will tell!
