Bitcoin’s recent price action has been a bit of a rollercoaster. While it briefly surged above $110,000, it’s faced significant resistance, suggesting sellers are trying to prevent another all-time high.
The Analyst’s Prediction
Crypto analyst TehThomas predicted this resistance around $110,000. But their analysis goes further, suggesting a potential dip before another climb.
The Setup
The recent price movement involved Bitcoin breaking through resistance, quickly filling several “fair value gaps” (essentially, areas where the price skipped over on its way up). This rapid rise, accompanied by increasing trading volume, initially looked very bullish.
The Predicted Pullback
However, TehThomas believes this rapid rise sets up a classic “breakout-fill-continue” pattern. Essentially, after a strong breakout, a slight pullback usually occurs to fill any gaps left behind before the price resumes its upward trend.
In this case, the analyst predicts Bitcoin will dip to fill a gap below $107,000, potentially reaching the $104,000 – $105,000 range. This represents about a 5% drop, which could be rough for other cryptocurrencies (altcoins).
The Bullish Outlook
Despite this predicted dip, the overall outlook remains bullish. TehThomas sees this pullback as a healthy correction before another strong push upward, potentially towards new all-time highs. The analyst emphasizes the current “clean and structured” momentum as a key indicator supporting this continued upward trend. Once the gap is filled, the upward trajectory is expected to resume.
