Bitcoin Eyes $104K : Key Scenarios to Watch

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Bitcoin (BTC) shows strong potential to reach $104K, bouncing back from a 9% correction. The price action is currently within a triangle pattern, presenting three scenarios for traders to monitor.

Key Levels :
Support Zone :

$91.2K (triangle support and November 26th low).

Resistance Levels :

$96.88K (triangle breakout) and $104K (bullish target).

Bottom Range :

$92K–$94K (short-term correction support).


Analysis :

Bullish Scenario :
If BTC breaks above the $96.88K resistance, it could trigger a rally towards $104K.
A breakout from the triangle pattern signals renewed bullish momentum.

Neutral Scenario :
BTC may bottom out between $92K and $94K, consolidating within the triangle.
Traders can watch for further confirmation of a breakout or breakdown.

Bearish Scenario :
A revisitation of $91.2K triangle support could indicate a deeper correction.
This is the least likely scenario based on current market sentiment.

Pro Tip :
Monitor for a triangle breakout confirmation before entering positions. Set stop-loss levels below $91K to manage downside risk.

Conclusion and Advice :

Bitcoin remains bullish in the medium term, with $104K being a realistic target if it breaks above $96.88K. For now, cautious traders should wait for confirmation of the triangle breakout before committing. Keep an eye on key support levels and avoid overexposure in uncertain market conditions. Consistent strategy and disciplined risk management remain crucial.