Temporary Or End Of The Bull Rally?
Cryptocurrency analyst TradingShot recently discussed Bitcoin’s price drop to $99,000 and provided insight into whether this is temporary or marks the end of Bitcoin’s price. bull market. His analysis suggests that this price rejection is temporary and Bitcoin will still reach the $100,000 mark and possibly exceed it.
Bitcoin price rejection of $99,000 may be temporary
in a Transaction View PostTradingShot says that Bitcoin price rejection of $99,000 may be temporary. As for what caused this price rejection, analysts noted that it could be due to the post-election excitement running out as the market has fully priced in support for the cryptocurrency Donald Trump Will become the next President of the United States.
There is also psychological pressure, analysts added. $100,000 thresholdpossibly because investors tend to take profits near that level. From a technical analysis perspective, the analyst explains what caused Bitcoin price to reject the $99,000 level.
TradingShot highlights the Fibonacci channels that have been passing through last three cyclesincluding this one. He noted that this pattern began with a strong rally in Bitcoin prices that formed the December 2013 top. The top of the cycle was at the 0.236 Fib level of the cycle, which refused to rebound in subsequent cycles.
This Fibonacci level rejected the uptrend in Bitcoin prices on November 22 and was viewed as the “first real resistance to the bull cycle.” TradingShot says this is the first major rejection level a bull market cycle faces before the eventual market tops. The analyst added that the highs for the past two cycles have been at the 0.0 Fib level, which technically sits at the top of the channel.
The analyst’s accompanying chart shows that Bitcoin price’s target for the top of this channel is Over $200,000. However, TradingShot mentions that the red dot for the current cycle at the end of 2025 does not represent a forecast, but is merely an illustration for comparison purposes.
When will the market top occur?
TradingShot also provides insights into when Bitcoin prices will increase Can support during this market cycle. The analyst noted that past bull market cycles were approximately 150 weeks (1,050 days). Therefore, a repetition of this pattern means that the Bitcoin top of this cycle will likely occur around the end of September or early October.
The analyst said it’s better to try to time the market’s peak and sell, rather than putting an actual price tag on it. TradingShot adds that despite technical rejection in Bitcoin price, the current rally started from the August 5 low, well within the 1-week 50-day moving average moving average. Analysts say that as long as this trend line holds, the cyclical bullish wave should remain intact.
Featured image created using Dall.E, chart from Tradingview.com
