The Bitcoin worth not too long ago achieved a monumental milestone, crossing the $100,000 threshold for the primary time in its historical past. Whereas the breakthrough is a big achievement for the BTC worth, it additionally raises the query of the place it goes from right here.
The consensus amongst many analysts is of a continued bullish worth motion for Bitcoin. Nevertheless, a crypto analyst on TradingView has issued a stark warning, labeling this worth level as a “harmful zone.” In accordance with their technical outlook, reaching $100,000 may trigger an enormous correction within the Bitcoin worth as much as the $72,000 worth stage.
Why $100,000 Could Be A Turning Level For The Bitcoin Worth
After 4 failed makes an attempt to breach the $100,000 mark, Bitcoin has lastly damaged via the psychological threshold and is now open to uncharted worth territory. Though the Bitcoin worth retraced beneath $100,000 within the hours after, many buyers stay optimistic, viewing this retracement as a brief setback and believing that Bitcoin’s journey above $100,000 is way from over.
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The optimism, nonetheless, is met with a contrasting perspective from an evaluation of the TradingView platform, which provides a extra cautious and bearish outlook. The analyst highlights the $100,000 stage as a “magnet” that has constantly drawn worth exercise over the previous few weeks, serving as a vital zone of attraction and resistance. With this in thoughts, the analyst’s outlook is of bearish worth motion, basically predicting a retest of $94,000. From right here, the analyst expects the incidence of a market construction break (MSB), which in flip would set off a broader correction for the BTC worth.
Curiously, the analyst predicted that breaking beneath the $94,000 worth stage would result in a retest of $88,000. Ought to Bitcoin break beneath the $88,000 assist, the analyst foresees additional worth declines that may drive the Bitcoin worth towards a perfect goal zone simply above $72,200.
Bullish Sentiment Outweighs Bearish Sentiment
If the bearish state of affairs outlined by the analyst involves cross, it may plunge the crypto market into one other bear market, with different cryptocurrencies mirroring Bitcoin’s downward trajectory and erasing latest worth positive aspects.
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Nevertheless, this stays a prediction moderately than an evaluation of the present crypto market dynamics. Presently, the crypto market continues to take pleasure in bullish sentiment, as evidenced by the Concern & Greed Index, which is presently at an excessive greed stage of 81. A number of analysts have steered that Bitcoin’s worth should have room to climb, with some forecasting potential highs close to $140,000.
On the time of writing, the Bitcoin worth is buying and selling at $98,350. Curiously, the latest break above $100,000 led to a retest of $94,000 prior to now 24 hours. Nevertheless, the Bitcoin worth rebounded from $94,000 as a substitute of breaking beneath. Regardless of this rebound, the main cryptocurrency may not be out of the woods but.
Featured picture created with Dall.E, chart from Tradingview.com
