⚠️⚠️Bitcoin Price Retests Support Line, Eyes Next Bullish Target⚠️⚠️
The Bitcoin price has been struggling to reclaim previous highs above $100,000, with bearish sentiment dominating the market. However, a crypto analyst, Trader Tardigrade, has predicted that if Bitcoin can hold a key support level, it could stage a recovery and skyrocket to its next bullish target.
🔷 False Break Below Support Line
Trader Tardigrade identified a "False Break" below the lower support line of an Ascending Channel, indicating that the decline was short-lived and does not confirm the continuation of the previous downtrend. Bitcoin quickly moved back into the channel to reclaim the lower support line.
🔷 Retesting Support Line, Aiming for Upper Resistance
Bitcoin is currently retesting the channel's support line, aiming to break above and trigger a price reversal. If successful, the analyst predicts that Bitcoin will continue moving upwards within the channel, targeting the upper resistance line.
🔷 Next Price Target: $110,000-$112,000
The upper resistance line of the Ascending Channel points upwards towards a range between $110,000 and $112,000. A breakout above this resistance line could validate the bullish momentum, setting the stage for Bitcoin to potentially target higher price levels and retest its all-time high.
🔷 Key Takeaways
1. Bitcoin's False Break below the support line suggests a potential reversal.
2. The cryptocurrency is retesting the support line, aiming to break above and trigger a price reversal.
3. The next bullish target is the upper resistance line of the Ascending Channel, ranging from $110,000 to $112,000.
4. A breakout above the resistance line could validate the bullish momentum, setting the stage for further price increases.