Bitcoin price has struggled to recover previous highs above $100,000, with bearish sentiment dominating the market. Currently, Bitcoin price is retesting the support line of an ascending channel Fall below $95,000. One crypto analyst has predicted that if it can hold this key support level, it can Recovery stage and move towards its next bullish target and align with the upper resistance line of the channel.
Bitcoin price retest support line; New goal in sight
In the chart that shows the movement of the price of Bitcoin in a ascending channelTardigrade Trader, Crypto Analyst at X (ex-Twitter), revealed that the digital currency has temporarily dropped below the support line of the lower channel. The analyst called the decline a “false defeat” and emphasized that the ascending channel remains intact despite the decline.
Related reading
As shown by the red circle on the price chart, a False Break indicates a short movement of Bitcoin down Support level It was short-term and does not confirm the continuation of its previous downward trend. Trader Tardigrad noted that after Bitcoin's false breakout, the digital currency quickly returned to the ascending channel to retake the lower support line.
Interestingly, Bitcoin's fall below the False breakout comes when the pioneer digital currency experienced a sharp price drop below $95,000. Recently, digital currency has been the flagship Under significant downward pressurewith the intensification of market fluctuations, recorded a significant decrease.
Despite this bearish performance, trader Tardigrid has revealed that Bitcoin is now retesting the support line of the channel and is aiming to break higher and higher. cause the price to return. The analyst predicts that if Bitcoin can hold this support line, it will likely continue to move upward within the channel.
As a result, the analyst has predicted this Next Bitcoin price target The upper resistance line will be the ascending channel. Looking at the price chart, the channel is moving upwards towards a range between $110,000 and $112,000.
If Bitcoin can successfully pull back towards the upper resistance line, it can signal it Continue the upward trend In the bullish channel, moreover, a break above the resistance line could further confirm the upside move, setting the stage for Bitcoin to potentially target higher price levels and possibly retest its record highs.
Related reading
Bitcoin could fall to $87,000, analyst says
Bitcoin is currently in a downtrend and is experiencing Sharp price reduction Despite the optimistic forecasts of analysts of the price increase. According to crypto analyst Titan of Crypto, the price of Bitcoin It could see another declineThe $87,000 support level is the next target.
However, according to the analyst, a drop to this low could bring “maximum pain” for both short-term and long-term investors. Nevertheless, the Titan of Crypto believes This sharp price drop can also be a strong foundation for the next Bitcoin price increase.
He emphasized that price movements are rarely linear, highlighting the inherent unpredictability and volatility of the crypto market. despite Bitcoin bearish behaviorTitan of Crypto confidently predicts that a price rally to $110,000 is inevitable.
Featured image created with Dall.E, chart from Tradingview.com
