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bitcoin price is still in a correction phase less than $100,000 as it is currently down 1.93% in the last 24 hours. However, crypto analyst Titan of crypto is confident that the leading cryptocurrency still maintains its trajectory towards the $110,000 mark. According to the analyst, bitcoin at $110,000 is inevitable, although the possibility of further price declines in the short term remains.
bitcoin Price Path of $110,000 and Current Correction Phase
bitcoin did not reach the $110,000 mark when it reached a high of $108,135 on December 17. However, the cryptocurrency has been on a path of notable correction since then and is currently approximately 12% below this price level. Interestingly, bitcoin price even corrected to $92,600 on December 23, resulting in a five-day drop of 14.36% from the all-time high of $108,135.
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Although bitcoin price has recovered somewhat since then, it has extended its correction below the psychological threshold of $100,000 without any sign of a strong breakout to the upside.
However, the cryptocurrency titan <a target="_blank" href="https://x.com/Washigorira/status/1872223680753025100″ rel=”nofollow”>reaffirmed its long-term bullish stance on bitcoin, stating that the $110,000 price level is “inevitable.” According to his analysis, bitcoin is only going through a correction phase, a necessary consolidation before its next bullish move.
Although the correction has largely held above $90,000, there is still a possibility of a break below during this consolidation phase. With this in mind, Titan of crypto highlighted that if bitcoin were to experience further declines, the $87,000 mark could represent the “peak pain.” This is the lowest threshold that the bitcoin price can reach to keep the bullish sentiment alive among bitcoin holders.
Technical Analysis Shows Cup and Handle Pattern in Play
Technical analysis is based on bitcoin price action after breaking the neckline of a cup and handle pattern. According to the chart below, this cup and handle pattern developed during the 2022 bear market, the 2023 rally, and the 2024 bull market. The recent bullish price action in October and November saw the price of bitcoin surpass the neckline, which set the stage for a bull run.
<a target="_blank" href="https://x.com/Washigorira/status/1840058923883069902″ rel=”nofollow”>In a previous post Immediately after the breakout, Titan of crypto highlighted a price target of around $110,000, although it noted the possibility of a correction before reaching the target. This correction has played out exactly as expected with the recent price drop over the past two weeks.
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At the time of writing, bitcoin is trading at $95,906. Reaching the $110,000 target would translate into a 15% return on investment from the current price.
<a target="_blank" href="https://x.com/Washigorira/status/1872328231082512788″ rel=”nofollow”>In another analysis Posted on social media platform This target price <a target="_blank" href="https://bitcoinist.com/bitcoin-preparing-for-its-next-major-market-move/” rel=”nofollow”>dwarfs in comparison to the predictions of other analysts, with <a target="_blank" href="https://bitcoinist.com/bitcoin-price-roadmap-1000000/” rel=”nofollow”>projections ranging from $250,000 to $1 million.
Featured image created with Dall.E, chart from Tradingview.com
