Key Fractal Indicates Bitcoin Price Remains Bullish Despite Potential $90,000 Drop
Crypto analyst X Force has identified a bullish fractal from early 2023, suggesting that the Bitcoin price may experience a drop to $90,000 without invalidating the overall bullish macro trend. Key points include:
- The fractal indicates that the current price structure mirrors patterns observed during the 2023 bull market.
- The recent wave structure shows a large degree wave 1 followed by a shallow wave 2 retracing to Fibonacci levels of 23.6% to 38.2%.
- A critical support level is set at $90,000; maintaining this level is essential for sustaining the macro trend.
- Pullbacks are considered healthy for any bull market.
Veteran trader Peter Brandt raised concerns about a potential Bitcoin price crash, likening current conditions to November 2021, when BTC experienced a significant downturn after forming a double top. His analysis suggests:
- If Bitcoin remains above $104,612, the bull run could continue.
- BTC is currently trading around $106,700, having increased in value over the last 24 hours.
