Bitcoin Price Rejection at $99,000 Likely Temporary According to Analyst
Crypto analyst TradingShot analyzed the recent Bitcoin price rejection at $99,000, suggesting it is likely temporary. He predicts Bitcoin will reach and possibly exceed $100,000.
Bitcoin Price Rejection At $99,000 Likely Temporary
In a TradingView post, TradingShot attributed the price rejection to the exhaustion of post-election euphoria, as pro-crypto Donald Trump's potential presidency has been priced into the market. He noted the psychological impact of the $100,000 barrier, where investors often take profits.
TradingShot referenced a Fibonacci channel observed over the last three cycles, indicating that the current cycle's first major rejection occurred at the 0.236 Fib level on November 22. This level has historically rejected rallies, acting as the '1st Real Resistance of the Bull Cycle.' Previous cycle tops reached the 0.0 Fib level, located at the channel's peak.
The accompanying chart indicates a target above $200,000 for Bitcoin price, although TradingShot clarified that the red spot in late 2025 serves only as a comparative illustration.
When The Market Top Could Happen
TradingShot speculated that Bitcoin's market top may occur around late September or early October, based on past bull cycles lasting about 150 weeks (1,050 days). He emphasized the importance of timing the market top rather than assigning a specific price target. Despite the current technical rejection, the rally initiated from the August 5 low aligns with the 50-day moving average, suggesting the bullish trend could remain intact.
