Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next
cryptocurrency analyst mad whale Correctly predicting BTC’s plunge to $89,000 reveals where Bitcoin’s price will go next. The analyst also explained why the flagship cryptocurrency currently has a bullish outlook, which could lead to further gains.
Where does Bitcoin price go next?
in a Transaction View PostMadWhale predicts that Bitcoin prices may rise by 17% and reach a new high of $110,000. Analysts explained that the outlook cryptocurrency market It’s largely positive. He added that another surge in market volume after the usual holiday lull often leads to temporary price drops.
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MadWhale further stated that this increase indicates renewed investor interest, which is a bullish sign that may indicate that prices will rise soon. In line with this, he predicted that Bitcoin prices may reach new highs All Time High (ATH). From a technical perspective, analysts noted that charts show solid support levels. This suggests that the upward momentum may continue, leading to a potential gain of 17% for the flagship cryptocurrency.
The analyst’s accompanying chart shows that Bitcoin price could rise to $110,000 this month. This forecast certainly brings some optimism considering recent circumstances Bitcoin crash. Bitcoin fell to a low of $89,000 yesterday amid market uncertainty.
This market uncertainty is due to macro developments, such as December’s employment data. Following strong U.S. jobs data, traders are predicting the Federal Reserve will cut interest rates only once this year, which would be detrimental to Bitcoin prices and the broader crypto market. On the other hand, Donald Trump’s inauguration provides a bullish outlook for the flagship cryptocurrency.
Trump promises to create a Bitcoin strategic reservewhich is positive for Bitcoin prices as it could lead to widespread adoption of the flagship cryptocurrency by nation-states.
A bullish reversal is already underway
Cryptocurrency Analyst Jer Indicating that Bitcoin price has staged a bullish reversal. He mentioned that Bitcoin removed major downside liquidity and immediately moved back above $94,000. The cryptocurrency analyst added that the flagship cryptocurrency is now encountering resistance at current levels, the 200-day exponential moving average (EMA) and levels it has been struggling with for some time.
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Jelle predicts that a Bitcoin price break above $97,000 could lead to the flagship cryptocurrency reaching new highs. In another X post, he said BTC is pushing for a weekly breakout falling wedge. The cryptocurrency analyst added that the target for this formation is around $130,000.
According to statistics, as of this writing, Bitcoin price is around $96,300, up nearly 4% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
