Over the past few weeks, the price of Bitcoin has been flat downward trendhas experienced a significant decline, taking it below its all-time high above $104,000. Despite this falling priceA crypto analyst has predicted that Bitcoin could recover from this slump and potentially reach a new ATH at $107,000. However, in order for the cryptocurrency to make this recovery, it needs to break through the Fibonacci retracement level.
Why Could Bitcoin Price Return to $107,000?
CobraVanguard, Cryptocurrency Analyst was published Chart analysis in TradingView, showing Bitcoin price movement and Potential improvement It will reach $107,000 in the coming days. The analyst's price chart showed that Bitcoin was already rising, a technical pattern commonly referred to as bearish signal Because it indicates the possibility of a price decrease during an uptrend.
Related reading
Just in this pattern, Bitcoin broke below the level Rising wedgeits price drops significantly and causes it to decrease. Following this failure, Bitcoin fell from above $100,000 to $94,000 in just a few days.
CobraVanguard has noted that Fibonacci retracement levels The chart shows 0.618 and 0.382, possibly indicating potential. Resistance and support areas For Bitcoin, as Bitcoin price fell after breaking the wedge, it is now consolidating near the 0.382 Fibonacci level between $92,000 and $94,000.
to consider Bitcoin's current downtrendThe 0.382 Fibonacci level may act as support if the price falls again. On the other hand, CobraVanguard predicts that if Bitcoin can break through the 0.618 Fibonacci level between $98,000 and $100,000, it could signal a renewed bullish move and potentially lead the price to an uptrend. New all-time high $107,000, marked as the “target” area on the chart.
Based on the direction of the arrow in CobraVanguard's chart analysis, it looks like it may be possible before Bitcoin reaches $107,000. faces a sharper reduction Up to $90,000 this path suggests a return to $94,000 followed by a decline to $92,000. From there, Bitcoin is expected to climb to $100,000, experience another big pullback towards $95,000, and then reach the analyst-predicted ATH of $107,000.
Analyst predicts further downside for Bitcoin
Prominent cryptocurrency analyst Jelle has stated Downward emotions About Bitcoin price outlook at the end of the year. analyst compared Bitcoin's current price movements with the previous cycle highlight the similarities of fractals and downtrends.
Related reading
Jelly predicts this The price of Bitcoin may fall This week it is less than $90,000 from the current market value of $94,192. The analyst based this predicted price drop on low liquidity, noting that festive holidays like Christmas often create less liquidity for digital assets, leading to potential downside risks.
Nevertheless, the analyst predicts that after a short-term correction, Bitcoin can resume its upward movement in 2025. Based on his chart, he predicts that the digital currency could rise to $190,000 in the second quarter of next year.
Featured image created with Dall.E, chart from Tradingview.com
