Bitcoin’s next potential big move suggests a mix of excitement and caution as BTC approaches the $70,000 resistance level. The scenario presented outlines a possible trajectory for Bitcoin, with several key points:
1. Resistance at $70,000: The next major hurdle for Bitcoin is $70,000. A break above this level could spark an explosive rally, potentially pushing BTC past $100,000, with $101,825 as the primary target.
2. Correction Before Breakout: Before reaching this high, the chart hinted at a possible correction, with a significant drop to around $40,213. However, this drop could be seen as a buying opportunity, allowing traders to enter at a discount before the next major rally.
3. Fibonacci Levels: The chart shows significant Fibonacci retracement levels at $48,421 (support) and $57,392, which could help guide price action. The bullish extension at 1.618 (around $101,825) further suggests a potential post-breakout target.
4. Historical Context: Bitcoin’s past trends, such as the 40% correction before the 400% rally in 2017, support the possibility of another major rally after the anticipated drop. History shows that major corrections can precede a major rally.
5. Timeframe for $100,000: Analysis predicts that this rally could occur between mid-2025 and early 2026. The rally may not happen immediately, but the long-term upside potential is significant.
6. Buy the Dip Strategy: For experienced traders, a correction to $48,421 or below could offer an ideal entry point for a long position before Bitcoin potentially skyrockets.
