Bitcoin’s price struggled to regain previous highs above $100,000, with bearish sentiment dominating the market. Currently, the Bitcoin price is again testing the support line of the ascending channel falls below $95,000. The cryptocurrency analyst predicted that if it can maintain this key support level, then yes stage of recovery and rapidly soar towards the next bullish target, converging with the upper resistance line of the channel.

Bitcoin Price Retest Support Line; A up-to-date target in sight

In the chart illustrating the Bitcoin price movement over the course of: Growing channelTrader Tardigrade, cryptocurrency analyst at X (formerly Twitter), revealed that the cryptocurrency has temporarily fallen below the lower support line of the channel. The analyst called the decline a “false break,” emphasizing that the rising channel remains intact despite the decline.

As indicated by the red circle on the price chart, a false break suggests a Bitcoin miniature move below level of support was short-lived and does not confirm the continuation of the previous downward trend. Trader Tardigrade noticed that after Bitcoin’s false breakout, the cryptocurrency quickly returned to the Ascending Channel to regain the lower support line.

Interestingly, Bitcoin’s drop below the false breakout comes as the pioneering cryptocurrency experienced a acute price drop below $95,000. The latest flagship cryptocurrency is under clearly bearish pressureseeing noticeable declines as market volatility increases.

Despite these bearish results, Trader Tardigrade revealed that Bitcoin is once again testing the channel support line, aiming to break above and trigger a price reversal. The analyst predicts that if Bitcoin manages to hold this support line, it will likely continue to move higher within the channel.

Therefore, the analyst made this prediction Bitcoin’s next price target would be the upper resistance line of the ascending channel. Looking at the price chart, the channel is pointing upwards towards the $110,000 to $112,000 range.

If Bitcoin manages to successfully return towards the upper resistance line, it may signal this continuation of the upward trend in the ascending canal. Additionally, a break above the resistance line could further confirm bullish momentum, setting the stage for Bitcoin to potentially target higher price levels and perhaps retest its all-time high.

Analyst says Bitcoin could fall to $87,000

Bitcoin is currently in a downtrend that it is experiencing grave price drops despite sanguine analyst forecasts regarding price increases. According to cryptocurrency analyst Titan of Crypto, Bitcoin price another decline could be observedand the next target will be a support level of $87,000.

However, according to the analyst, a price drop to such a low level could bring “maximum pain” to both short- and long-term investors. Nevertheless, Crypto Titan he believes this major price drop could also provide a robust foundation for Bitcoin’s next price surge.

He emphasized that price movements are rarely linear, highlighting the inherent unpredictability and volatility of the cryptocurrency market. Despite Bitcoin’s bearish behaviorTitan of Crypto confidently predicts that a price surge to $110,000 is inevitable.

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