Analyst Predicts Bitcoin Surge, Citing Strong Support Above $105,000
Bitcoin shows resilience after a flash crash to $101,000 last weekend, stabilizing and reaching up to $113,400 during the week. Analyst Tyrex suggests the downturn may be over, projecting a potential rebound towards $117,000.
Key Points:
- Bitcoin defended the $108,000-$105,000 range, indicating a possible market bottom.
- The consistent holding of this range suggests exhaustion of the bearish trend.
- Tyrex believes Bitcoin is forming a base for an upward move, with momentum indicators flattening out.
- If Bitcoin maintains above $105,000, it could rise to $111,000 and $117,000.
- A failure to hold above $105,000 might lead to further decline.
Altcoins Outlook:
- Altcoins such as Ethereum, Solana, and XRP fell alongside Bitcoin's crash.
- Smaller assets are stabilizing, reflecting trader confidence in market recovery.
