Despite seeing many accidents in the last few monthsBitcoin price expectations remain incredibly high. Predictions have ranged from hundreds of thousands of dollars to millions, but they all have one thing in common, namely the fact that the Bitcoin bull market is far from over. To that end, pseudonymous crypto analyst Cryptorphic has revealed another bullish forecast, placing the BTC price close to the coveted $100,000 mark.
Key bullish levels to watch for Bitcoin
Cryptophic analysis on Bitcoin highlights major support levels that traders need to watch out for to know where the price is headed. More specifically, these significant levels are the higher time frame (HTF) and the lower time frame (LTF).
On the higher time frame, the crypto analyst reveals that the $50,521-$50,901 levels are significant for the Bitcoin price to sustain. This is because holding these levels could be the beginning of a rebound. However, if they are broken, $46,216-$46,930 would become the next major levels on the higher time frame.
The cryptocurrency analyst explains that, “These ranges represent the lows on the higher time frames (HTF) for the overall HTF trend. There is a high probability that we could see a reversal in one of these zones, leading to a potential move higher.”
If this holds true, the crypto analyst believes that Bitcoin price could rally towards a modern all-time high. “Both of the above ranges are strong support levels and could propel the price back to the all-time high (ATH) of 70k-72k or even higher, potentially reaching 89k-93k,” Cryptorphic stated.
Key Bearish Levels to Watch
Unlike the bull market that could have emerged if the Bitcoin price had held significant support levels, there is still bear mood is lurking aroundThis happens when the levels indicated above do not meet expectations and the price has a chance of another large crash.
BTC price is expected to fall to $37,700 in this scenario. However, the crypto analyst says that “this lower range only becomes relevant if the higher ranges fail to hold.” Nevertheless, there have been some positive developments in the price of Bitcoin, as the analyst highlights a noticeable raise in trading volume. This suggests a return of interest in the pioneering cryptocurrency.
Considering that this is noticeable raise in volume As a result of increased buying among investors, Bitcoin price may be heading towards a price pump. The cryptocurrency analyst expects the price direction to develop in the next few weeks.
Featured image created with Dall.E, chart from Tradingview.com
