Bitcoin Price Declines 1.93% While Analysts Predict $110,000 Target
The Bitcoin price is currently in a correction phase below $100,000, down by 1.93% over the past 24 hours. Analyst Titan of Crypto believes Bitcoin's trajectory towards $110,000 remains intact, although short-term price declines are possible.
Bitcoin Price $110,000 Path And Current Correction Phase
Bitcoin reached a peak of $108,135 on December 17 but has since entered a notable correction phase, currently about 12% lower than this peak. The price fell to $92,600 on December 23, marking a 14.36% decline from the all-time high.
Despite some recovery, Bitcoin continues to trade below the $100,000 psychological threshold without showing strong upward momentum. Titan of Crypto maintains a long-term bullish outlook, asserting that the $110,000 level is “inevitable.” He views the current correction as a necessary consolidation before another upward movement.
The price has generally remained above $90,000, but there is potential for further declines. Titan of Crypto indicated that $87,000 could represent the “maximum pain” threshold to preserve bullish sentiment among holders.
Technical Analysis Shows Cup And Handle Pattern In Play
Technical analysis indicates a cup and handle pattern following a breakout from its neckline. This pattern has developed throughout the 2022 bear market, the 2023 recovery, and the anticipated 2024 bull market. Recent bullish activity in October and November allowed Bitcoin to break above the neckline, setting the stage for a bullish run.
Following the breakout, Titan of Crypto set a target of around $110,000, acknowledging the likelihood of a correction beforehand. This correction has unfolded as expected over the last two weeks.
As of now, Bitcoin trades at $95,906, with a potential increase to $110,000 representing a 15% return on investment. Additionally, Titan of Crypto suggested that $120,000 could be the peak for this cycle based on Fibonacci Circle analysis, which contrasts sharply with other analysts predicting targets between $250,000 and $1 million.
