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Bitcoin Price Could Climb Back to $107,000 If It Crosses a Key Level
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Bitcoin Price Could Climb Back to $107,000 If It Crosses a Key Level
Bitcoin's price has been dropping over the past few weeks, falling below its record high of $104,000. Despite this decline, a crypto expert predicts Bitcoin could bounce back and even hit a new peak of $107,000. However, this recovery depends on Bitcoin breaking through an important Fibonacci resistance level.
Why Bitcoin Could Reach $107,000
Crypto analyst CobraVanguard shared a detailed price chart on TradingView, analyzing Bitcoin’s potential recovery. According to the chart, Bitcoin recently formed a rising wedge—a pattern often signaling a possible price drop during an uptrend. Yet, if Bitcoin overcomes this bearish signal, it might pave the way for a major rebound.
Key Levels to Watch for Recovery
Crypto analyst CobraVanguard has highlighted two important Fibonacci levels:
- 0.382 Level ($92,000–$94,000): This could provide support if Bitcoin continues its downward trend.
- 0.618 Level ($98,000–$100,000): Breaking above this level could trigger bullish momentum, potentially pushing Bitcoin toward a new all-time high of $107,000.
The analysis suggests that before Bitcoin can aim for $107,000, it might experience more volatility. The projected path includes a possible drop to $90,000, a rebound to $94,000, and another dip to $92,000. Following this, Bitcoin could climb to $100,000, face a pullback to $95,000, and finally surge to the predicted high of $107,000.
### Bearish Outlook from Other Analysts
Not all analysts are optimistic. Crypto expert Jelle has pointed out similarities between Bitcoin’s current price action and previous cycles, suggesting more downside risk in the near term. If these patterns hold, Bitcoin’s price might remain under pressure as the year ends.
Bitcoin Price Could Climb Back to $107,000 If It Crosses a Key Level
Bitcoin's price has been dropping over the past few weeks, falling below its record high of $104,000. Despite this decline, a crypto expert predicts Bitcoin could bounce back and even hit a new peak of $107,000. However, this recovery depends on Bitcoin breaking through an important Fibonacci resistance level.
Why Bitcoin Could Reach $107,000
Crypto analyst CobraVanguard shared a detailed price chart on TradingView, analyzing Bitcoin’s potential recovery. According to the chart, Bitcoin recently formed a rising wedge—a pattern often signaling a possible price drop during an uptrend. Yet, if Bitcoin overcomes this bearish signal, it might pave the way for a major rebound.
Key Levels to Watch for Recovery
Crypto analyst CobraVanguard has highlighted two important Fibonacci levels:
- 0.382 Level ($92,000–$94,000): This could provide support if Bitcoin continues its downward trend.
- 0.618 Level ($98,000–$100,000): Breaking above this level could trigger bullish momentum, potentially pushing Bitcoin toward a new all-time high of $107,000.
The analysis suggests that before Bitcoin can aim for $107,000, it might experience more volatility. The projected path includes a possible drop to $90,000, a rebound to $94,000, and another dip to $92,000. Following this, Bitcoin could climb to $100,000, face a pullback to $95,000, and finally surge to the predicted high of $107,000.
### Bearish Outlook from Other Analysts
Not all analysts are optimistic. Crypto expert Jelle has pointed out similarities between Bitcoin’s current price action and previous cycles, suggesting more downside risk in the near term. If these patterns hold, Bitcoin’s price might remain under pressure as the year ends.