Bitcoin Projected to Reach $340,000 If $91,000-$100,000 Support Holds
A crypto analyst known as PlanD supports Bitcoin's potential to maintain an uptrend despite recent price corrections. He forecasts a target of $340,000, contingent on holding a specific support zone.
Support Zone and Price Action
- Bitcoin must stay above the support range of $91,000 to $100,000 for bullish momentum.
- Recent all-time high was $111,970; current trading is at $104,739 after a 0.64% gain.
- A minor corrective phase has seen prices dip below $104,000.
- PlanD highlights a 3-year cup and handle pattern indicating potential significant gains.
- The "cup" formed from a previous high of $69,000 in November 2021 to stabilization until March 2024.
- "Handle" represents a descending channel leading to a breakout above $76,000 in November 2024.
Current Market Overview
- Bitcoin’s daily trading volume is $40.03 billion, marking a 31.28% increase.
- Resistance levels to watch are $106,000 and $109,000 to retest the all-time high.
