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Cryptographic analyst crazy whale has revealed where the price of bitcoin could be heading, having correctly predicted btc's drop to $89,000. The analyst also explained why the current outlook for the flagship cryptocurrency is bullish, which could lead to further gains.
Where the price of bitcoin is headed
in a <a target="_blank" href="https://www.tradingview.com/chart/BTCUSDT/J9fKXOtn-Will-bitcoin-hit-110-000-Are-you-ready-for-17-profits/”>CommerceSee publicationMadWhale predicted that bitcoin price could record a 17% gain and reach a new high of $110,000. The analyst explained that the prospects for the <a target="_blank" href="https://bitcoinist.com/microstrategy-buys-2530-bitcoin-amid-crypto-market-pullback-will-btc-recover/” rel=”nofollow”>crypto market It is largely positive. He added that there is again an increase in market volume after the usual Christmas break, which often causes temporary price drops.
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MadWhale further commented that this increase indicates renewed interest from investors, which is a bullish sign and could indicate a price increase soon. In line with this, he predicted that the price of bitcoin could be on its way to reaching new <a target="_blank" href="https://bitcoinist.com/bitcoin-analyst-sets-88800-target-as-btc-breaks-ath-3-days-in-a-row-details/” rel=”nofollow”>all-time highs (ATH). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that the bullish momentum could continue, leading to this potential 17% gain for the flagship cryptocurrency.
The analyst's accompanying chart showed that bitcoin's projected price rally to $110,000 could occur this month. This prediction certainly provides some optimism, considering the recent <a target="_blank" href="https://bitcoinist.com/bitcoin–ethereum-dogecoin/” rel=”nofollow”>btc drop. bitcoin fell to $89,000 yesterday amid market uncertainty.
This uncertainty in the market has been due to events in the macro sphere, such as December employment data. Following strong US jobs data, traders predict there will only be one Fed rate cut this year, which is bearish for the price of bitcoin and the broader crypto market. On the other hand, Donald Trump's inauguration offers a bullish outlook for the flagship cryptocurrency.
Trump has promised to create a <a target="_blank" href="https://bitcoinist.com/strategic-bitcoin-reserve-process-states-this-month/” rel=”nofollow”>Strategic btc Reservewhich is bullish for the price of bitcoin as it could lead to widespread adoption of the flagship cryptocurrency by nation states.
A bullish reversal is already in play
Jelle crypto Analyst suggested that a bullish reversal for bitcoin price is already in play. He mentioned that bitcoin eliminated the main liquidity on the downside and immediately broke back above $94,000. The crypto analyst added that the flagship cryptocurrency now encounters resistance at its current level, with the 200-day exponential moving average (EMA) and the level it has been struggling with for a while.
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Jelle predicted that a bitcoin price break above $97,000 could lead to new highs for the flagship cryptocurrency. In another post from x, he claimed that btc is pushing for a breakout with the weekly. falling wedge. The crypto analyst added that the target of this formation is approximately $130,000.
At the time of writing, bitcoin price is trading at around $96,300, up almost 4% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
