Bitcoin‘s upbeat momentum has slowed down after facing strong resistance at the key $108,000 level, causing a drop to $103,400 support. At this point, several crypto analysts contend that a significant price recovery could be crucial for BTC in order to prevent the digital asset from falling further toward other support levels.
BTC’s Current Correction Phase Coming To An End Soon?
Negentropic, Glassnode co-founder and market expert, has delved into Bitcoin’s current price action, noting that a rebound might be on the horizon. His forecast suggests that the current price correction may be ending soon, setting the stage for a potential notable bounce to a new all-time high.
This prediction comes in light of the growing expectation of a substantial upswing in BTC’s price toward this market cycle’s peak. With the expert anticipating a recovery, the ongoing pullback appears to be a healthy correction phase, which is crucial for its impending rally to uncharted territory.
It is important to note that the crypto asset went into a correction phase after briefly hitting $108,000, which the expert previously predicted. In the event that the pullback continues, he has pointed out that the $101,500 and $102,500 marks are the next key support levels to watch out for.
However, should Bitcoin witness a rebound at any of the aforementioned levels, Negentropic predicts that BTC could surge to the anticipated $110,000 milestone. With BTC reaching this price mark, the digital asset may see a wave of old and new investors, thereby triggering prices even further toward other higher levels.
Furthermore, robust long-term holdings accumulation activity combined with rising market sentiment signals the start of a renewed rally and the possible end of the current correction phase.
Historical Price Trends Poses Multiple Pullbacks For Bitcoin
While the $110,000 might be pivotal for BTC, Ali Martinez, a technical and on-chain analyst, has predicted a potential hurdle at this level. Martinez’s forecast of a brief pullback is based on the past 2017 and 2020 market cycles. This prediction may imply an emergence of significant profit-taking and resistance at the milestone, triggering a temporary correction.
Once the correction comes to an end and BTC rebounds, Martinez believes the crypto asset will rise to $125,000. When it hits $125,000, he also expects a steep pullback before rallying to the $150,000 mark. Meanwhile, at this level, the analyst noted a much larger correction may unfold before BTC rises toward the $220,000 milestone at the end of the bull market.
These price trends indicate BTC’s long-term growth potential, providing opportunities for reaccumulation prior to massive rallies. In the meantime, monitoring these key levels and on-chain signals could be essential to assess Bitcoin’s next phase in the ongoing cycle. At the time of writing, BTC was trading at $104,682, demonstrating a 2.51% decrease in the daily time frame.
