Bitcoin Price At $100,000: Road To More Gains Or Potential Bull Trap? Analyst Has Answers
2024年12月6日 - 8:30AM
NEWSBTC
The Bitcoin price has soared above $100,000 for the first time
ever, sparking optimism among market participants. In line with
this development, crypto analyst Xanrox has provided insights into
whether more gains lie ahead for Bitcoin or whether this rally
above $100,000 could be a potential bull trap. What
Next For Bitcoin Price Following Rally To $100,000 In a recent
TradingView post, Xanrox suggested that the Bitcoin price will
unlikely enjoy a sustained rally for now. He explained that this is
unlikely because a sustained rally could easily put Bitcoin at
$600,000 by December 2025, which is impossible. As such, he
believes that BTC would need to slow down. Related
Reading: Dogecoin Price Continues Trading Sideways But Bullish
Pennant Says Get Ready For $1.30 The analyst further noted that the
Bitcoin price hasn’t made any bigger correction in the past weeks,
which is one reason why he is not looking to buy BTC anytime soon.
Xanrox remarked that the market needs to see a shakeout and a flash
crash first before anything else. He suggested that Bitcoin could
drop to as low as $85,000 when this correction finally
happens. Xanrox stated that the $85,000 level is a very
reasonable support because it is the end of the massive FVG (fair
value gap) on the daily candles. He added that this target is also
the start of the first price action on the volume profile. The
crypto analyst revealed that this is the level at which he is
looking to buy Bitcoin. The crypto analyst indicated that
this Bitcoin price rally to $100,000 is a bull trap, as he
highlighted a symmetrical triangle on the four-hour chart. He said
this looks like a bull trap for retail traders because everyone
would buy the breakout. As such, he envisages that Bitcoin would
make a last push to sweep liquidity. A Major Correction Might
Not Come Anytime Soon On the other hand, crypto analyst Ali
Martinez has offered a diverging opinion, suggesting that a major
correction might not come anytime soon for the Bitcoin price. In
his recent X post, he alluded to a previous post in which he stated
that the current bullish cycle is very similar to the ones in 2017
and 2020. Related Reading: Bitcoin Price To $100,000: Why
Reclaiming The $96,400 Level Is Very Important For Another Rally If
this pattern holds true, Martinez predicts that the Bitcoin price
won’t suffer its first major correction of between 15% to 30% until
its hits $135,000 or even $159,000. Meanwhile, the accompanying
chart put the market top for Bitcoin at $240,000, indicating that
it will still have more room to move the upside even after this
correction. At the time of writing, the Bitcoin price is
trading at around $102,800, up over 6% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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