18 hour ago
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Analyst Predicts Bitcoin Rally to $174,000 if $94,500 Support Holds
The Bitcoin market has experienced notable volatility, causing significant corrections and a fragile bullish sentiment. Analyst PlanD predicts a potential parabolic rally dependent on maintaining a crucial support level.
Key Insights
- Bitcoin's current price formation resembles a symmetrical expanding triangle.
- Trading near the lower boundary at $94,500 is critical; losing this support may lead to a correction towards $72,000-$73,000, indicating a potential 24% drop.
- If the price holds above $94,500, a rebound to $131,000 is anticipated, with a potential breakout pushing prices to $174,000, an 83% increase.
Bullish Catalysts
- Potential interest rate cuts by the US Federal Reserve could boost investor access to capital, enhancing interest in cryptocurrencies.
- Bitcoin Spot ETF inflows have faced challenges with a net outflow of $2.33 billion in November; reversing this trend is crucial for a bullish scenario.
- Progress in US regulatory clarity on digital assets may increase demand and drive market prices higher.
Bitcoin currently trades at $95,874, marking a 0.46% loss over the last day.
