Bitcoin enters price discovery at $88,000 - $91,000, setting a path for $102,000.
Analysts use Fibonacci bands and liquidations to predict next resistance levels.
Market volatility likely as Bitcoin aims for new highs beyond $91,000.
The pioneer crypto asset Bitcoin (BTC) set a new ATH at $89,956.88 before dipping down to the $85,200 price level. After taking the entire crypto market down by 3%, the market seems to have stabilized at the $87,000 BTC price range leading many analyst to examine what is Bitcoin’s next move.
Bitcoin’s New ATH Sets Critial Point in Bull Run
https://twitter.com/woonomic/status/1856400553577988393
According to post above, one crypto analyst shares his opinion on the matter. He says that the latest ATH is set between $88,000 and $91,000 marking a critical point in the current bull cycle. With Bitcoin having broken through previous records, the asset has now entered an 'unfettered price discovery’ phase.
Presently, teh analyst believes that this is the moment where price movement can experience significant swings due to the lack of historical resistance levels. Thus, he says that in this environment, analysts rely on two primary tools to gauge potential resistance points, they are Fibonacci bands and market liquidation levels.
In detail, he explains that Fibonacci bands, based on natural ‘magic numbers’, offer one set of guidelines, while real liquidation levels from market positions provide further insight. The $88,000 - $91,000 range represents a significant target, aligning with both local Fibonacci resistance levels and a cluster of liquidation points, where short-sellers were forced to buy back Bitcoin as their positions were liquidated.
BTC Eyes Next Target at $102,000
Therefore, this level could see Bitcoin consolidate before its next move. Looking ahead, $102,000 BTC price stands as the next major resistance, calculated through a macro Fibonacci analysis that incorporates the previous cycle's high and this cycle’s low. Traders and analysts will also closely watch new clusters of liquidations as they develop, as these levels could influence price momentum.
If Bitcoin sustains its momentum past $91,000, the $102,000 milestone may soon be within reach. As Bitcoin navigates price discovery, investors should prepare for continued volatility as the market establishes new highs.
The post Bitcoin Set Latest ATH at $89,956.88, Sets Eyes on Next Price Level Barries and $102,000 Bull Target appeared first on Crypto News Land.
