Bitcoin Analyst Predicts Price Target of $117,000 Amid Volatility
In the last 24 hours, Bitcoin's price fluctuated significantly between $98,380 and $103,369. Current technical analysis suggests a potential upward target of $117,000.
Key Points on Price Movement
- Bitcoin has been trading in an ascending channel since Q4 2024.
- The recent 7-day candlestick is bearish, indicating temporary selling pressure but part of a broader uptrend.
- A rebound is anticipated, with a target approaching $117,000.
- Potential pullback zones are identified between $95,000 and $100,000, which may serve as consolidation areas.
- Temporary resistance near $108,000 could impede upward movement.
- The overall long-term structure remains bullish despite possible pullbacks.
Market Cycle Analysis
- Currently in Cycle 2 on the daily chart, indicating low buying momentum.
- Cycle 1 needs to return for favorable entry points.
- Immediate risk of dropping below $97,000 has decreased but remains present.
As of now, Bitcoin is trading at $102,700, reflecting a 4% increase over the past day.
