Bitcoin is making a comeback, pushing towards new record highs after a recent price recovery. But while some analysts are optimistic, others are warning of a potential price drop.
Bitcoin’s Bullish Run
Bitcoin’s price has seen a significant upswing after a strong daily performance. It briefly lost ground in the $106,800-$109,700 range following its all-time high (ATH), causing some investor concern. After a period of volatility and a dip to around $100,000, Bitcoin bounced back, surpassing the crucial $106,800 resistance level.
One analyst, Rekt Capital, points out that Bitcoin successfully retested the $104,400 level as support, and is now aiming for further price increases. A daily close above $109,443 could lead to another push towards a new ATH, potentially reaching around $111,723. Securing the $108,900 level as support would also significantly boost Bitcoin’s momentum.
Potential for a Pullback?
However, not everyone is convinced. Analyst Crypto Jelle suggests that while breaking the $108,000 support could send Bitcoin towards $120,000, past attempts to break through have failed. Jelle maintains a long-term target of $140,000-$150,000 based on a technical pattern nearing completion.
Altcoin Sherpa, while generally bullish, cautions that Bitcoin is in a risky zone. He believes a pullback is likely unless the $110,000 level holds. A drop is possible within a key resistance area between the current price and the ATH.
Ali Martinez points out a significant support level between $102,770 and $106,090, where a large number of Bitcoin were purchased.
Currently, Bitcoin is trading around $109,995, showing a 3.6% weekly increase. The question remains: will this upward trend continue, or is a correction on the horizon?
