As the new trading week approaches, Bitcoin investors are closely watching for signs of volatility, particularly towards the end of the day as the weekly candle close approaches. Bitcoin has spent the weekend consolidating, but this could signal a potential breakout.
Looking at the bigger picture, Bitcoin’s current price action is framed within a larger cycle that began in late 2022. According to the Elliott Wave theory, the market has moved through multiple waves, and we may be nearing the end of the current cycle. The first wave completed in April 2023, followed by a series of corrections and rallies. Currently, the market seems to be completing wave five, which could signal another high before a major correction.
Short-Term Price Action: Identifying Support and Resistance
For short-term traders, Bitcoin’s price action has been consolidating with minimal movement over the weekend. The nearest support levels are between $95,900 and $96,530. A move above the $98,500 level would provide confirmation of further upside, with key resistance levels at $99,000 and $100,200.
Key Fibonacci Levels and Potential Upside Targets
The next key resistance target for $BTC is seen around the $30k region, a significant Fibonacci level. This level could act as a milestone, signaling the final push in this cycle. However, even if Bitcoin reaches this level, it may experience a larger correction afterward.
Will Bitcoin Dip to $90k Levels?
In a recent CNBC interview, Jim Cramer, host of “Mad Money,” recommended $90,000 as the next price point for those looking to buy Bitcoin. He explained the importance of monitoring Bitcoin’s price and said $90,000 could be a good entry level for new investors. Cramer believes that Bitcoin’s long-term potential makes it a solid investment, even at higher prices.