Bitcoin’s price has been pretty steady lately, hovering just above $107,000 after briefly hitting almost $108,000. But a popular crypto analyst thinks things are about to get interesting.
Compression and the $115,000 Target
According to this analyst, Bitcoin’s price action is currently in a “compression phase.” Think of it like a coiled spring – the price is squeezed between support and resistance levels, building up potential energy for a big move. This compression is happening just below the $108,100 resistance level.
The analyst sees this as a follow-up to a “false breakout” above $100,000. Basically, the price briefly went above $100,000, but then pulled back, creating an accumulation zone before this current compression.
The analyst’s prediction? A breakout to as high as $115,000 if Bitcoin can clear some key resistance levels.
Key Price Levels to Watch
The main resistance levels to watch are around $108,100, $108,900, and $110,400. As long as Bitcoin stays within the $106,500 to $108,100 range and hangs around the top of that range, the chances of a breakout increase.
While the analyst doesn’t see any major bearish signals on the daily and weekly charts, a minor pullback to $105,650 or even $104,650 is possible. However, even a pullback like that might just be a temporary dip before the price resumes its upward trajectory.
The Breakout Trigger
Currently, Bitcoin is trading around $107,457. The magic number is $108,100. If Bitcoin breaks through that resistance level, the analyst believes a move towards $115,000 is highly likely.
