Bitcoin price is still correcting itself under $100K, down 1.93% in 24 hours. However, cryptocurrency researcher Titan of Crypto believes that the dominant cryptocurrency will reach $120K. The expert believes that Bitcoin will reach $110K, but further price declines are possible.
Bitcoin peaked at $108,135 on December 17, a loss of $110,000. However, the cryptocurrency subsequently corrected and is now 12% below that price level. Bitcoin fell 14.36% in five days from its peak of $108,135 to $92,600 on December 23.
Since then, Bitcoin has rebounded, but has continued to fall below the psychological $100,000 mark without a significant bounce to the upside.
The crypto titan maintained his long-term bullish view on Bitcoin, calling the $110,000 level “inevitable.” His study shows that Bitcoin is still in a consolidation phase before its next uptrend.
The correction has mostly remained above the $90,000 level, but it could drop below amid consolidation. The crypto titan said that the $87,000 level could be the “ultimate pain” for Bitcoin if the price drops below it. This is the lowest price for Bitcoin that could keep the bullish mood among its holders.
Technical analysis shows the cup and handle pattern.
Bitcoin price action after breaking out of the cup and handle pattern is used for technical analysis. The chart below shows this cup and handle pattern during the 2022 bear market, the 2023 recovery, and the 2024 bull market. In October and November, Bitcoin broke through the neckline, paving the way for a bullish rally.
The crypto titan had suggested a $110,000 price target after the breakout, but warned of a possible decline. This correction worked as planned with the price falling for two weeks.
Bitcoin is currently trading at $95,906. Reaching $110,000 would provide a 15% return on investment from current prices.
Another expert on social media site X said that Bitcoin could peak at around $120,000 in this cycle using Fibonacci circle analysis. This price target smashes experts’ expectations of $250,000 to $1 million.
