Bitcoinâs potential next big move suggests a mix of excitement and caution as BTC approaches the $70,000 resistance level. The scenario presented breaks down a possible trajectory for Bitcoin, with a few key points:
1. Resistance at $70,000: The next major hurdle for Bitcoin is $70K. A breakout above this could trigger an explosive rally, potentially pushing BTC beyond $100K, with $101,825 as a key target.
2. Correction Before the Breakout: Before reaching these heights, the chart hints at a possible correction, with a significant drop to around $40,213. However, this dip could be seen as a buying opportunity, allowing traders to get in at a discounted price before the next big move upward.
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 target post-breakout.
4. Historical Context: Past Bitcoin trends, like the 40% correction before the 400% rally in 2017, support the possibility of another major rally after the anticipated dip. History suggests that major corrections can precede epic bull runs.
5. Timeframe for $100K: The analysis predicts that this upward move could take place sometime between mid-2025 and early 2026. The rally may not be immediate, but the potential long-term gains are significant.
6. Buy the Dip Strategy: For experienced traders, the correction to $48,421 or below might offer the ideal entry point for long positions before Bitcoin potentially skyrockets.
