Over the past few weeks, the price of Bitcoin has remained at approx downward trendseeing significant declines that pushed it below its all-time high above $104,000. Despite price collapsea cryptocurrency analyst predicted that Bitcoin could recover from this crisis and potentially reach a fresh ATH of $107,000. However, for the pioneering cryptocurrency to make such a recovery, it would have to break through the key Fibonacci level.

Why Bitcoin Price Could Bounce to $107,000

CobraVanguard cryptocurrency analyst released chart analysis on TradingView illustrating Bitcoin price movement and potential recovery to $107,000 in the coming days. The analyst’s price chart showed that Bitcoin was previously in a rising wedge, which is a technical pattern generally seen as: bearish signal because it indicates the probability of a price decline during an uptrend.

As per the pattern, Bitcoin broke below the level rising wedgeturning its price significantly bearish and causing declines. Following this wedge breakout, Bitcoin’s price dropped from over $100,000 to $94,000 in just a few days.

CobraVanguard noticed that Fibonacci retracement levels The chart shows levels of 0.618 and 0.382, which probably indicates potential resistance and support zones for Bitcoin. As Bitcoin price falls after breaking the wedge, it is currently consolidating near the 0.382 Fibonacci level between $92,000 and $94,000.

Considering Bitcoin’s current bear trendThe Fibonacci level at 0.382 can act as support if its price falls again. On the other hand, CobraVanguard predicted that if Bitcoin can break above the Fibonacci level of 0.618 between $98,000 and $100,000, it could indicate momentum is picking up again, potentially causing prices to rebound towards fresh all-time record of $107,000, marked on the chart as the “target” zone.

Based on the arrow’s trajectory in the CobraVanguard chart analysis, it appears that by the time Bitcoin reaches $107,000, it may an even greater decline awaits us up to $90,000. The trajectory suggests a bounce towards $94,000 and then a decline to $92,000. From there, Bitcoin is expected to rise to $100,000, experience another major decline towards $95,000, and then rise to the analyst-predicted ATH of $107,000.

Analyst predicts more flaws in Bitcoin

Prominent cryptocurrency analyst Jelle expressed bearish moods on the outlook for Bitcoin prices at the end of the year. Analyst compared Bitcoin’s current price movements compare with those of the previous cycle, highlighting similarities in fractals and bearish trends.

Jelle anticipates this Bitcoin price may fall under $90,000 this week compared to the current market value of $94,192. The analyst based the predicted price drop on low liquidity, highlighting that holiday holidays such as Christmas often result in less liquidity of digital assets, leading to the potential risk of loss.

However, the analyst predicts that after a short-term retracement, Bitcoin may return to its upward trend in 2025. Based on his chart, he predicts that the cryptocurrency could rise as high as $190,000 in the second quarter of next year.

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