Bitcoin’s been on a bit of a rollercoaster lately. After hitting record highs above $104,000, it took a dive. But could a recovery be on the horizon? One analyst thinks so.
The $107,000 Prediction
CobraVanguard, a crypto analyst, believes Bitcoin could bounce back and even hit a new all-time high of $107,000. Their analysis hinges on a key Fibonacci level.
Bitcoin’s price recently broke a “rising wedge” pattern – a technical indicator often suggesting a price drop. Sure enough, the price fell from over $100,000 to around $94,000. Now, it’s consolidating near the 0.382 Fibonacci retracement level ($92,000-$94,000).
CobraVanguard’s chart shows that breaking above the 0.618 Fibonacci level ($98,000-$100,000) could signal a bullish turnaround, potentially leading to that $107,000 target. However, the chart also suggests a possible dip to $90,000 before the big climb. The predicted path involves a few ups and downs before reaching the final target.
A More Bearish Outlook
Not everyone is as optimistic. Analyst Jelle sees things differently. Comparing Bitcoin’s current movements to previous cycles, Jelle predicts a drop below $90,000 this week, citing low liquidity around the holidays as a potential risk factor.
However, Jelle also anticipates a longer-term upswing, projecting a potential surge to $190,000 by Q2 2025.
