Renowned crypto analyst CryptoRover has made a bold prediction regarding Bitcoin’s price movement. According to the analyst, Bitcoin is poised to hit $100,000, indicating a significant bull market rally on the horizon. This prediction comes amidst the formation of a massive W pattern currently observed on Bitcoin’s price chart.
Bitcoin’s W Pattern Breakout Soon
CryptoRover, a prominent figure in the cryptocurrency community, recently shared a compelling analysis of Bitcoin’s price action. Analysts have identified a significant W pattern emerging in Bitcoin’s price chart, suggesting a bullish breakout on the horizon.
The W pattern is a technical analysis pattern characterized by two consecutive troughs, resembling the letter “W,” with a higher low formed between them. This pattern typically signifies a shift from a bearish to a bullish market sentiment.
Based on CryptoRover’s analysis, the breakout target for Bitcoin is initially set at hit $89,000 mark. Meanwhile, this target reflects the projected upward movement following the completion of the W pattern formation.
A successful breakout above the $89,000 level could attract further buying interest and propel Bitcoin to new all-time highs. However, failure to break above this resistance level could lead to a consolidation or correction in Bitcoin’s price.
Bitcoin Aim For $100k
Further, into the analysis, CryptoRover’s points to a crucial breakout scenario once Bitcoin surpasses a certain threshold represented by the red box in the chart. The breakout from this pattern is expected to trigger a sustained bull market, driving Bitcoin’s price to $100k within a matter of days following the breakout.
If CryptoRover’s analysis proves accurate, Bitcoin could experience a surge in buying pressure, propelling it to levels not seen before.
With the potential for significant gains on the horizon, many in the crypto community are positioning themselves strategically to capitalize on the expected bullish momentum.
Bitcoin Price Analysis
Currently, Bitcoin is trading at $68,919.08, reflecting a 2% decrease in price over the last 24 hours. The cryptocurrency boasts a market cap of $1.3 trillion, with a 24-hour trading volume of $36.45 billion.