Bitcoin’s price has been swinging wildly lately, bouncing between roughly $98,000 and $103,000. But one analyst thinks it’s headed much higher.
The $117,000 Target
A technical analysis suggests Bitcoin is on track to hit $117,000. This prediction is based on a weekly chart showing Bitcoin moving within an upward channel since the fourth quarter of 2024.
The Ups and Downs on the Way
While the overall trend is bullish, the path to $117,000 won’t be a straight shot. We can expect some dips and corrections along the way.
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Potential Pullback: A dip to between $95,000 and $100,000 is predicted. This area has acted as support in the past, making it a likely consolidation point before another upward push. Fibonacci projections also suggest this pullback would be a healthy setup for a continued rally.
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Resistance at $108,000:
This level represents the current all-time high and could slow Bitcoin’s climb. -
Overall Trend: Despite potential setbacks, the long-term outlook remains positive, with higher highs and higher lows forming on the chart.
Bitcoin’s Market Cycles
The analyst also looked at Bitcoin’s market cycles across different timeframes (daily, weekly, and bi-weekly). Currently, the charts show Bitcoin in Cycle 2 across most timeframes. This isn’t ideal for entry, as Cycle 1 would offer a better risk/reward profile. However, a recent sell signal has been removed, reducing the immediate risk of a drop below $97,000.
Current Status
At the time of writing, Bitcoin is trading around $102,700, up 4% in the last 24 hours.