Analyst Who Predicted Bitcoin Price to Drop to $89,000 Reveals Where BTC Is Heading

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This article is also available in Spanish.

Cryptocurrency analyst MadWhale revealed what direction Bitcoin’s price could go, he correctly predicted BTC’s crash to $89,000. The analyst also explained why the current outlook for the flagship cryptocurrency is bullish, which could lead to further gains.

Where is the Bitcoin price heading next?

In TradeView entryMadWhale predicted that Bitcoin’s price could see a 17% augment and reach a novel high of $110,000. The analyst explained that the prospects for cryptocurrency market is largely positive. He added that after the usual holiday lull, there is again a edged augment in market volumes, which often causes transient price drops.

Source: TradingView

MadWhale further noted that this augment signals renewed investor interest, which is a bullish signal and could point to price increases soon. In line with this, he predicted that Bitcoin’s price may be on track to reach a novel high all-time records (ATH). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests the upward momentum could continue, leading to a potential 17% upside for the flagship cryptocurrency.

The attached analyst chart showed that Bitcoin’s projected price augment to $110,000 could happen this month. This forecast is undoubtedly sanguine, considering recent events BTC crash. Bitcoin fell to as low as $89,000 yesterday due to market uncertainty.

This uncertainty in the market is due to macro events such as December’s employment data. After good data from the US labor market, investors predict that there will be only one Fed interest rate cut this year, which is unfavorable for the price of Bitcoin and the broader cryptocurrency market. On the other hand, Donald Trump’s inauguration provides a bullish outlook for the flagship cryptocurrency.

Trump promised to create the so-called Strategic BTC reservewhich is bullish for Bitcoin’s price as it could lead to widespread adoption by nation states of the flagship cryptocurrency.

A bullish reversal is already in play

Jelle cryptocurrency analyst suggested that a bullish reversal is already underway for Bitcoin’s price. He mentioned that Bitcoin eliminated the main bearish liquidity and immediately returned above $94,000. The cryptocurrency analyst added that the flagship cryptocurrency is currently facing resistance at its current level, with its 200-day exponential moving average (EMA) and a level it has been struggling with for some time.

Bitcoin price 2
Source: TradingView

Jelle predicted that a break in Bitcoin’s price above $97,000 could lead to novel highs for the flagship cryptocurrency. In another post on X, he stated that BTC is pushing for a weekly breakout falling wedge. The cryptocurrency analyst added that the formation’s target is around $130,000.

Bitcoin price 3
Source: TradingView

At the time of writing, Bitcoin is trading at around $96,300, up almost 4% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com
BTC bears try to break the recovery | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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