Because Crypto Bull Run is still stopping, the Bitcoin (BTC) market remains in consolidation of transfer mainly from USD 101,000 to USD 106,000 in the last two weeks. Interestingly, the market analyst from X Cryptododo7 shared the potential BTC path to restore the stubborn rush. However, this theory includes an initial significant drop in prices.
Trump effect: Why Bitcoin may require a return to $ 76,000
Based on the promises of the campaign, US President Donald Trump provided a significant space of digital assets that wanted a genial cryptocurrency administration.
Due to these expectations, Trump’s final victory as the US president encouraged Bitcoin to augment to USD 108,000, followed by a correction below USD 90,000. CryptodO7 analyst explains These movements were organized by market producers who provided BTC returned to USD 108,000 when Trump took office on January 20.
The analyst claimed that market manufacturers used up-to-date market participants who bought Bitcoin at high prices as starting liquidity. This market sales resulted in a decrease in the price of Bitcoin, as can be seen in both cases. Because Bitcoin has now got stuck on the market related to the range, Cryptododo7 states that the most significant cryptocurrency will return to USD 76,000 to restart the up-to-date rally.
These forecasting is based on technical factors, such as the double leading formation and the miniature -term Distribution scheme of Wyckoff, which indicate that BTC results from a earnest decline. However, the choice of CryptodO7 of 76,000 USD as a potential goal results from many reasons, including the fact that this price level serves as a mighty support and liquidity zone, which was a region of mighty purchasing interests.
In addition, withdrawal to 76,000 USD would finally allow the Bitcoins market to absorb excessive requirements of up-to-date market participants, who previously bought at high prices. In addition, this price correction will present institutional investors to vigorous BTC collection in relation to the next rally. Cryptododo7 predicts that the next Bull rally will certainly occur for Bitcoin to test $ 76,000 and find sufficient support at this price level.
BTC price review
At the time of writing, BTC trades at USD 99,659 after a drop in 2.74% on the last day. Meanwhile, the daily volume of asset trading fell by 31.29%, which suggests a significant decrease in the percentage of traders.
To obtain a significant return, Bitcoin is in the face of a high resistance of USD 106 0000, passing the past, which can push assets to up-to-date price regions. With the market captain of USD 1.99, BTC remains the most valuable cryptocurrency, which has a market dominance of 58.6%.
A distinguished picture from Unsplash, TradingView chart
