Bitcoin Bears Regain Control Following Rejection at $110,000 Level
The Bitcoin price faced a sharp rejection at $110,000, indicating bearish control and raising concerns about a potential drop below $100,000. This situation could lead to further declines in the crypto market.
Current Market Analysis
- The rejection has caused panic among investors, with some believing it marks the end of the current cycle.
- A crypto analyst suggests this pullback is part of a broader strategy toward new all-time highs.
- Bitcoin is experiencing significant distribution, which explains the price decline.
- Accumulation is occurring as Bitcoin transitions from old to new investors at higher cost bases.
- This accumulation may trigger the next bullish wave.
Future Price Targets
- The correction is not expected to be prolonged, with support at $107,000 being crucial for a rebound.
- A breakout could see Bitcoin's price target reach $130,000, over 20% from current levels.
- The analyst sets a long-term target of up to $150,000 by the end of 2025, although earlier targets are possible.
