Despite experiencing multiple crashes over the last few months, expectations for the Bitcoin price remain incredibly high. Predictions have ranged from hundreds of thousands of dollars to millions, but they all have one thing in common: the Bitcoin bull market is far from over. To this end, pseudonymous crypto analyst Cryptorphic has unveiled another bullish prediction, putting the BTC price close to the coveted $100,000 mark.
Key Bullish Levels To Watch For Bitcoin
Cryptorphic’s analysis on Bitcoin highlights major support levels that investors must monitor to understand where the price is headed next. These important levels are divided into the higher time frame (HTF) and the lower time frame (LTF).
For the higher time frame, the crypto analyst reveals that the $50,521-$50,901 levels are crucial for the Bitcoin price to hold. Holding these levels could signal the start of a rebound. However, if these levels break, then the $46,216-$46,930 range becomes the next major level on the higher time frame.
Advertisement Banner
The crypto analyst explains, “These ranges represent higher timeframe (HTF) bottoms for the overall HTF trend. There’s a good chance that we could see a reversal within one of these zones, leading to a potential upward move.”
If this scenario plays out, the crypto analyst believes that the Bitcoin price could rally toward a new all-time high. “Both of the above ranges are strong support levels and could propel the price back to all-time highs (ATH) of 70k – 72k or even higher, potentially reaching 89k – 93k,” Cryptorphic stated.
Key Bearish Levels To Watch
In contrast to the bullish potential, there is also bearishness that could come into play if Bitcoin fails to hold the important support levels. This bearish scenario could lead to another major crash in the Bitcoin price.
In this case, the BTC price is expected to fall as low as $37,700. However, the crypto analyst notes, “This lower range only becomes relevant if the higher ranges fail to hold.” Nevertheless, there have been positive developments for the Bitcoin price, as the analyst highlights a notable increase in trading volume. This suggests a renewed interest in the pioneer cryptocurrency.
Given that this significant rise in volume is due to increased buying among investors, the Bitcoin price could be moving towards a price pump. The crypto analyst expects the price direction to develop over the next couple of weeks.
Overall, while Bitcoin’s journey remains volatile, both bullish and bearish scenarios present key levels that traders and investors should monitor closely. As always, staying informed and being prepared for all outcomes is crucial in the ever-evolving world of cryptocurrency.
