Bitcoin Price Enters Correction Phase On Its Path To Explode Above $110,000
Bitcoin price is Still in the revision stage Below $100,000, it is currently down 1.93% in the past 24 hours. Nonetheless, Crypto’s crypto analyst Titan is convinced that the leading cryptocurrency remains on track to reach the $110,000 mark. The analyst said that Bitcoin reaching $110,000 is inevitable, although further price declines are still possible in the short term.
Bitcoin Price Path to $110,000 and Current Correction Phase
Bitcoin falls below $110,000 mark when it peaked at $108,135 December 17th. However, cryptocurrencies have On a significant correction path Since then, it is currently about 12% below that price level. Interestingly, Bitcoin price even pulled back to $92,600 on December 23, a 14.36% drop from its all-time high of $108,135 in five days.
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Although the price of Bitcoin has since recovered, it has extended the pullback below the psychological $100,000 mark without any signs of a strong upward breakout.
However, the crypto titan reiterated his long-term bullish stance Regarding Bitcoin, he said the $110,000 price level is “inevitable.” According to his analysis, Bitcoin is simply going through a correction phase, a necessary consolidation before the next rise.
Although the correction has largely remained above $90,000, a fall below this level is still possible during this consolidation phase. With this in mind, Titan of Crypto highlighted that the $87,000 mark could represent the “maximum pain” if Bitcoin falls further. This is the lowest threshold that Bitcoin price can reach to maintain bullish sentiment among Bitcoin holders.
Technical analysis shows cups and handles pattern is working
Technical analysis is based on Bitcoin’s price action after it broke through the neckline of the cup-and-handle pattern. According to the chart below, this cup-and-handle pattern runs through the 2022 bear market, the 2023 recovery, and the 2024 bull market. The recent bullish price action in October and November resulted in Bitcoin price breaking above the neckline, which set the stage for a bullish move.
in previous post Immediately after the breakout, Titan of Crypto highlighted a price target of around $110,000, but also noted that a pullback may occur before reaching the target. With the recent price declines over the past two weeks, this correction is exactly as expected.
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As of this writing, Bitcoin is trading at $95,906. Reaching the $110,000 target would mean a 15% return on investment at current prices.
In another analysis The analyst posted on social media platform X that $120,000 could be the peak for Bitcoin this cycle based on Fibonacci circle analysis. This target price In contrast, dwarfs According to other analysts’ forecasts, Estimates range from $250,000 to $1 million.
Featured image created using Dall.E, chart from Tradingview.com
