The price of Bitcoin It is still under modification It is below $100,000 as it is currently down 1.93% in the last 24 hours. However, the Titan of Crypto crypto analyst is confident that the leading digital currency will continue to maintain its path towards the $110,000 mark. According to the analyst, the $110,000 Bitcoin price is inevitable, although there is a possibility that the price will fall further in the short term.
Bitcoin price $110,000 current correction path and phase
Bitcoin fell below the $110,000 mark When it reached $108,135 On December 17. However, digital currency has been On a significant correctional path Since then, it is currently about 12% below this price level. Interestingly, the price of Bitcoin even corrected to $92,600 on December 23, representing a 14.36% drop in five days from its all-time high of $108,135.
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Although the price of Bitcoin has recovered somewhat since then, it has extended its correction below the psychological threshold of $100,000, with no sign of a strong break to the upside.
However, Titan of Crypto It reaffirmed its long-term bullish stance In Bitcoin, it states that the $110,000 price level is “inevitable.” According to his analysis, Bitcoin is only going through a correction phase, a necessary stabilization before the next upward move.
Although this correction has largely held above $90,000, there is still a possibility of a break in this consolidation phase. With this in mind, the Titan of Crypto emphasized that the $87,000 mark could represent “maximum pain” if Bitcoin experiences further declines. This is the lowest threshold that the Bitcoin price can reach to keep bullish sentiment alive among Bitcoin holders.
Technical analysis shows the cup and handle pattern in play
Technical analysis is based on the price action of Bitcoin after breaking out of the neckline of a cup and handle pattern. According to the chart below, this cup and handle pattern ran throughout the bear market of 2022, the recovery of 2023 and the bull market of 2024. Recent bullish price action in October and November saw Bitcoin price break above the neckline, setting the stage for an uptrend.
In the previous post Immediately after the breakout, the Titan of Crypto set a price target of around $110,000, though hinted at the possibility of a correction before the target is reached. This correction is exactly in line with the recent price declines of the past two weeks.
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At the time of writing, Bitcoin is trading at $95,906. Reaching the $110,000 target would mean a 15% return on investment from the current price.
In another analysis Posted on social media platform X, the analyst pointed to the possibility of a $120,000 peak for Bitcoin in this cycle based on Fibonacci circle analysis. This price target Dwarves in comparison to the predictions of other analysts, with Estimates range from $250,000 to $1 million.
Featured image created with Dall.E, chart from Tradingview.com
