As $BTC approaches significant milestones, here’s my outlook on the current bullish trajectory:
$120,000 Target: I anticipate that Bitcoin will move towards the $120,000 range in this current growth phase. This level might serve as a temporary peak, where Bitcoin could experience a brief pause or consolidation.
$100,000 as Key Support: After reaching $120,000, Bitcoin may see a pullback, with $100,000 acting as a crucial support level. Given the psychological importance of this round figure, I believe it will attract strong buying interest and provide a foundation for the next upward leg. Only when Bitcoin achieves the $100,000 mark will we likely see the market truly come alive with renewed energy.
Climbing to $200,000: Once it solidifies support around $100,000, Bitcoin could make its way up to $200,000. I view this as the potential peak of the current cycle. At this level, we might see heightened profit-taking and consolidation, reflecting market sentiment at an all-time high.
Distribution Phase in $180,000 - $200,000: In this phase, I expect Bitcoin to oscillate within the $180,000 to $200,000 range as investors lock in profits and the market stabilizes. This range could mark the end of the current bullish cycle.
This forecast aligns with Bitcoin’s historical price movements and psychological levels in each cycle. Of course, macroeconomic factors and institutional participation, such as the potential impact of ETFs, will continue to influence the market. For now, I’m watching these key levels closely as Bitcoin navigates its path to a new all-time high.
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