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The $130,000 Target: A New Milestone After Bitcoin’s Flash Crash
The cryptocurrency market recently experienced a sharp correction, largely prompted by Bitcoin’s sudden flash crash. Last week, Bitcoin’s price plummeted by $3,000 within a mere 30 minutes, dipping from $97,000 to $94,000. This swift decline incited a flurry of liquidations, erasing over $1.5 billion in both long and short positions, as traders scrambled to minimize their losses.
Despite this turbulence, Bitcoin has shown signs of regaining momentum. Analysts are increasingly optimistic about a forthcoming rally. A notable TradingView crypto analyst, known as ‘Setupsfx,’ has shared an in-depth price chart, forecasting Bitcoin’s potential trajectory and future targets.
Bitcoin’s Path to Recovery and the $130,000 Target
The analyst, who previously accurately predicted Bitcoin’s dip to $94,000, now suggests that Bitcoin is poised for a recovery phase. According to the analysis, Bitcoin is likely to establish robust support around the $96,000 mark following a temporary price correction to this critical zone. This level of support is considered a healthy retracement, essential for building momentum towards upward movement.
The price chart reveals an accumulation phase, characterized by sideways price movement, establishing strong lows and filling Fair Value Gaps (FVG). Additionally, order blocks and Breaks of Structure (BOS) are evident on Bitcoin’s price chart. After breaking out of this accumulation zone, Bitcoin embarked on a rally, achieving an all-time high above $100,000. This bullish trend coincided with the excitement surrounding the US Presidential election, which propelled Bitcoin to new heights.
Looking ahead, the analyst predicts another pullback, likely testing the $96,000 zone before a price reversal. This anticipated reversal could trigger a new rally, potentially driving Bitcoin toward a significant target of $130,000.
Current Bitcoin Price Trends and Market Sentiment
As of this writing, Bitcoin is valued at $97,223, having declined by over 2% in the past 24 hours, as per CoinMarketCap data. The cryptocurrency remains below the $100,000 threshold following a minor retracement after reaching an all-time high above $104,000.
Despite the recent price dip, the broader market sentiment has shifted to a bullish stance. Notably, Bitcoin’s trading volume surged by 99% over the last 24 hours, and its market capitalization is nearing the $2 trillion mark.
Crypto analyst Jelle has observed that Bitcoin’s current price action closely resembles its bullish behavior during the 2020 all-time high breakout. Based on these similarities, the analyst anticipates that Bitcoin might experience another breakout soon, provided it maintains this bullish momentum.
Conclusion
In conclusion, while Bitcoin has faced recent volatility, the overall outlook remains positive. With robust market dynamics and anticipations of a new rally, Bitcoin could potentially reach unprecedented highs in the near future. As the market evolves, keeping an eye on key support levels and market trends will be crucial for traders and investors alike.
