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Following a previous prediction of the bitcoin Sudden Drop At $94,000, a crypto analyst has set a new target for the pioneering cryptocurrency. Analyst Anticipates Another Major Drop in bitcoin Price Before <a target="_blank" href="https://bitcoinist.com/bitcoin-price-temperature-at-medium-levels-indicator-sets-btc-top-price-at-178k/amp/” rel=”nofollow”>reaches a new all-time high.
$130,000 Target in Sight After bitcoin Flash Crash
The broader crypto market has seen a significant correction brought on by the recent bitcoin flash crash. Last week, the price of bitcoin<a target="_blank" href="https://x.com/krma_0/status/1467011159454851077?s=46″ rel=”nofollow”> lost $3,000 in less than 30 minutes, falling from $97,000 to $94,000 before quickly recovering above $97,000. This unexpected sudden drop triggered <a target="_blank" href="https://bitcoinist.com/bitcoin-stays-bullish-despite-liquidations-is-120000-within-reach/amp/” rel=”nofollow”>widespread liquidationswith more than $1.5 billion in long and short positions wiped out as traders scrambled to mitigate losses.
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With bitcoin currently showing signs of momentumAnalysts have expressed expectations of a future price rally. Notably, a TradingView crypto analyst, identified as 'Setupsfx', shared a detailed price chart predicting future bitcoin movements and next goal.
The analyst accurately predicted bitcoin's sudden drop to $94,000 and has now expanded his predictions to include a possible recovery phase. According to its latest analysis, bitcoin is expected to find strong support around the $96,000 level following a short-term price correction in this key area. This new support level is considered a healthy pullback to help build momentum for the upward move.
The analyst chart shows a <a target="_blank" href="https://bitcoinist.com/bitcoin-on-chain-data-shows-two-distincts-phases/amp/” rel=”nofollow”>accumulation phase on the left side, during which prices appear to move sideways, forming strong lows while filling fair value gaps (FVG). Additionally, order blocks and breakouts of structure (BOS) can be identified on the bitcoin price chart.
According to the chart, bitcoin price successfully broke out of the aforementioned accumulation zone and began a rally that took its ATH above $100,000. This bullish momentum aligns with the hype of <a target="_blank" href="https://bitcoinist.com/bitcoin-to-repeat-post-election-december-surge-history-points-to-a-bullish-year-end-target/amp/” rel=”nofollow”>United States presidential electionwhich fueled bitcoin's rise to a new all-time high.
In this sense, the analyst predicts that bitcoin will experience another setbacklikely testing the $96,000 zone before a price reversal. This reversal is expected to trigger a fresh rally, potentially pushing bitcoin towards a new target of $130,000.
btc Price Action Update
At the time of writing, bitcoin price is trading at $97,223 after falling more than 2% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been trading below the $100,000 level following a slight pullback after reaching a ATH above $104,000.
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He <a target="_blank" href="https://bitcoinist.com/strong-confidence-among-bitcoin-short-term-holders/” rel=”nofollow”>broader market sentiment It has also turned bullish despite the recent bitcoin price drop. Notably, bitcoin's trading volume has increased by 99% in the last 24 hours, and its market capitalization is approaching the $2 trillion mark.
Commenting on bitcoin price action, crypto analyst Jelle<a target="_blank" href="https://x.com/cryptojellenl/status/1866381984030765070?s=46″ rel=”nofollow”> revealed That bitcoin's current price action closely reflects its bullish behavior during the 2020 ATH breakout. Based on these similar price movements, the analyst predicts that bitcoin could experience another breakout soon if it maintains this bullish momentum.
Featured image created with Dall.E, chart from Tradingview.com
