Anticipate Bitcoin exhibiting a 'red week' if this critical level is breached, according to the expert's prediction.
Cryptocurrency Analyst Warns: Bitcoin Must Hold Above $100,000
In the realm of digital currencies, the respectable trading pundit, Master Ananda, emphasizes the necessity for Bitcoin (BTC) to hang tough above the six-figure mark. A dip below this critical level could spark a significant downturn, he suggests.
Ananda's meticulous analysis reveals that the $100,000 to $103,000 range is now of paramount importance, acting as Bitcoin's latest support system. Should this line crumble, be prepared for a week of red candles, followed by a hiccup before any meaningful rebound【1】. Notably, Bitcoin has already tested this zone, leaving market observers on tenterhooks, watching to see whether it will buckle under strain or hold its ground.
His dissection underlines the importance of this range. As Bitcoin recently retreated from highs nearing $112,000, it was subjected to a test of fortitude. If the line gives way, a more substantial correction is possible, with potential downside targets at $88,000, a crucial Fibonacci retracement figure. However, if support remains intact, the analyst anticipates a fierce rebound that could propel Bitcoin above new highs beyond $130,000.
"Between $100,000 and $103,000, if this level breaks, prepare for another week of red candles, followed by consolidation, interminably, before the next high," he cautioned.
Though the near-term outlook may be clouded with uncertainty, Ananda remains steadfastly optimistic in the long term. He holds the view that pullbacks are characteristic and essential in any sustained uptrend. Moreover, he opines that the present retreat could provide a scarce yet lucrative buying opportunity for those who missed earlier deals.
Bitcoin Aiming for New Heights
This insightful analysis emerges as Bitcoin endeavors to reassert its dominance in the $105,000 support zone, a zone that could pave the way for new record highs. In spite of the recent retracement, Bitcoin wrapped up May with its most significant monthly close ever.
Looking ahead, market seers believe Bitcoin might resume its bullish trajectory and aim for new highs surpassing $120,000. In a June 1 post, anonymous analyst Mags noted that Bitcoin is on the brink of executing a bullish "cup and handle" breakout pattern, suggesting a potential target of $125,000.
This distinctive pattern, characterized by a curved base and subsequent consolidation, often indicates a potent upward spurt when the price breaks above the handle's upper boundary. In essence, Bitcoin's breakthrough from the $65,000 to $70,000 resistance corridor has laid the foundation for further gains. Post-breakthrough, Bitcoin has breached the $100,000 threshold and maintains its ascent.
Bitcoin Price Analysis
At the time of this writing, Bitcoin is trading at $104,009, reflecting a 0.5% increase over the past 24 hours but a 5.5% drop over the week. As it stands, Bitcoin's imminent goal is to reestablish the $105,000 level, a move that would bolster the current momentum. Conversely, a fall below $100,000 may trigger a noticeable decline.
Investing in technology like cryptocurrency requires keeping a close eye on crucial levels for Bitcoin (BTC). Master Ananda's analysis suggests that Bitcoin's current support is between $100,000 and $103,000; if this level breaks, it could trigger another week of declines before consolidation. On the other hand, finance experts anticipate that if Bitcoin maintains its position above this level, it might aim for new highs surpassing $120,000, as suggested by the bullish "cup and handle" breakout pattern.
