Bitcoin Price Can Recover To $107,000 Again If This Important Level Is Broken
Bitcoin price has been rising over the past few weeks downtrendIt experienced a sharp decline that took it below its all-time high above $104,000. despite this Prices plummetOne cryptocurrency analyst predicts that Bitcoin may recover from this plunge and could reach a new high of $107,000. However, the pioneer cryptocurrency must break through key Fibonacci levels if it is to stage a recovery.
Why Bitcoin price could rebound to $107,000
Cryptocurrency Analyst CobraVanguard release Chart analysis on TradingView illustrating Bitcoin price movement and potential recovery It will reach $107,000 in the next few days. Analysts’ price chart shows Bitcoin previously in a rising wedge, a technical pattern often seen as bearish signal Because it indicates the likelihood of price falling during an uptrend.
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Following this pattern, Bitcoin fell below rising wedgemaking its price significantly bearish and triggering a decline. Following this wedge breakout, Bitcoin plummeted from over $100,000 to $94,000 in just a few days.
CobraVanguard points out Fibonacci retracement levels 0.618 and 0.382 are marked on the chart, possibly indicating potential Resistance and Support Zones For Bitcoin. Bitcoin price is now consolidating close to the 0.382 Fibonacci level between $92,000 and $94,000 as it plummeted after breaking out of the wedge.
taking into account Bitcoin’s current bear trendif the price declines again, the 0.382 Fibonacci level may act as support. On the other hand, CobraVanguard predicts that if Bitcoin can break above the 0.618 Fibonacci level between $98,000 and $100,000, it could signal fresh bullish momentum that could trigger a price recovery heading towards all time high $107,000, marked as the “Target” area on the chart.
Based on the trajectory of the arrows in this CobraVanguard chart analysis, Bitcoin could hit $107,000 Facing a steeper decline to $90,000. The trajectory suggests a rally to $94,000 followed by a decline to $92,000. Since then, Bitcoin is expected to climb to $100,000, pull back sharply again to $95,000, and then surge to $107,000, which analysts predict.
Analysts predict more downside for Bitcoin
Famous cryptocurrency analyst Jelle said bearish sentiment Regarding the Bitcoin price outlook at the end of the year. analyst comparative Bitcoin’s current price action versus that of the previous cycle highlights the similarities between fractals and bearish trends.
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Jere predictions The price of Bitcoin could fall Its current market cap this week is $94,192, down from $90,000. The analyst attributed this expected price drop to lower liquidity, highlighting that holidays such as Christmas tend to lead to less liquidity in digital assets, leading to potential downside risks.
Still, analysts expect that after a short-term pullback, Bitcoin could resume its upward momentum 2025. According to his chart, he predicts that the cryptocurrency could surge to $190,000 in the second quarter of next year.
Featured image created using Dall.E, chart from Tradingview.com
