Bitcoin Price Rallying Towards $100,000 as Analyst Predicts Bullish Reversal
Crypto analyst Madden has recently suggested that the Bitcoin price could surge above $100,000 once again, painting a bullish picture for the leading cryptocurrency. His analysis delves into the upcoming movements for BTC and how it could potentially reach this significant price level.
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Bitcoin Price Eyes Rally Above $100,000 With Potential Bullish Reversal
In a detailed TradingView post, Madden outlined that the Bitcoin price is eyeing a rally above $100,000 with signs of a bullish reversal on the horizon. His charts indicated possible price targets of $91,700, $102,700, and $109,356, which BTC could achieve as it reverses its trend upwards. If Bitcoin reaches $109,356, it would establish a new all-time high (ATH) for the cryptocurrency.
The analyst referenced important levels and patterns on charts to determine the confirmation of the reversal for the Bitcoin price. Specifically, he highlighted a Deep-Crab harmonic and Wolfe wave pattern on the daily chart to identify key reversal points. The Deep-Crab pattern suggested that BTC likely hit a bottom when it touched $76,600, signaling the beginning of a reversal.
Additionally, Madden pointed to the CME daily chart for Bitcoin, noting a daily retest of the 200-day moving average (MA) and the filling of the CME gap between $77,000 and $80,000. These factors indicate that there is no immediate reason for BTC to drop to those levels again. Moreover, he mentioned that Bitcoin is currently trading above the 2022 and 2024 top support line.
BTC Roadmap Moving Forward
As part of his analysis, Madden provided a roadmap and future outlook for the Bitcoin price, suggesting that the cryptocurrency could potentially peak at around $125,000 in this market cycle. According to his chart, BTC could reach this price target by the end of the year. Notably, renowned crypto expert Willy Woo also expressed a similar sentiment, describing the $125,000 target as conservative.
The chart further illustrated that Bitcoin might enter a bear market by 2026, with a potential drop from the projected peak of $125,000 to as low as $40,000 before the end of 2026.
In the meantime, market participants are closely monitoring the bullish reversal for the Bitcoin price. Crypto analyst Ali Martinez highlighted that BTC is currently breaking out, with a target of $90,000 as long as the $84,000 support level holds.
Crypto whales have also been positioning themselves for a potential Bitcoin price reversal towards $90,000, with Martinez revealing that these whales have accumulated over 20,000 BTC in the last 48 hours.
At the time of writing, Bitcoin is trading around $84,500, marking a more than 3% increase in the last 24 hours, according to data from CoinMarketCap.
As the market dynamics continue to evolve, the outlook for Bitcoin remains optimistic, with potential for significant price movements in the near future.
Featured image from Pexels, chart from TradingView.