Bitcoin Analyst Predicts $160,000 Target with Key Conditions Met
The Bitcoin market experienced a significant crash due to the US President's announcement of a 100% tariff on Chinese goods, leading to $19 billion in crypto liquidations. However, the market has stabilized with Bitcoin consolidating around $111,000.
Key Levels for Bitcoin
- An analyst, PlanD, identifies the recent price drop as a correction, not a break in the bullish trend.
- The price support at $109,600 is crucial, acting as the lower boundary of a symmetrical triangle.
- Bitcoin must stay above $109,600 and reclaim the resistance zone of $115,900 - $117,000 to maintain bullish momentum.
- Potential targets include $134,000 from the symmetrical triangle pattern and $160,000 from the bull flag pattern, indicating possible gains of 21% - 45%.
Current Market Status
- Bitcoin is trading at $111,700, down by 0.31% in the last day.
- Daily trading volume has decreased by 49.75%, totaling $88.74 billion.
- Bitcoin's market cap is $2.21 trillion, maintaining its status as the largest cryptocurrency with a 58.2% market dominance.
