An outstanding cryptographic analyst from X UtętoteName Spand supported Bitcoin to maintain his growth despite some significant withdrawal of prices last week. In particular, he states that the Prime Minister of the cryptocurrency remains on the course for USD 340,000, but only if a specific support zone remains significant.
Bitcoin Fullly Momentum depends on the support structure of USD 91,000 – $ 100,000
IN X Post On May 31, Prands outlined Bitcoin’s potential until the re -introduction of prices for discovering prices regardless of a recent price drop. Since the achievement of the up-to-date all time at the level of USD 111,970, the flagship cryptocurrency has fallen into a petite corrective phase, forcing market prices below USD 104,000.
However, Pland explains that the Bitcoin price campaign has a 3-year gigantic mug and a handle pattern, which postulates the digital resource, is set to huge price increases in the current bull cycle. The pattern of the cup and handle is a common pattern of the chart that signals the stubborn continuation of price movement.
As shown in the above chart, the cup arises Bitcoin from the previous highest all -time in the amount of USD 69,000 in November 2021, followed by a period of stabilization and recovery, which lasted until March 2024, when Bitcoin returned to the same price level.
This is followed by a handle, which is a decreasing channel, as can be seen from March 2024 to around October 2024, before Bitcoin reached the decisive breakthrough of the price above the neckline 76,000 USD in November 2024. Despite the registration of impressive steps from this price to about USD 112,000, Wisiu notes that bitcoins in the cup and the cup patterns to reach the price of USD 340,000.
In connection with the ongoing withdrawal, the analyst states that this stubborn structure remains in place, as long as Bitcoins remain above the support price zone of USD 91,000-100,000. Provided that the cryptocurrency prime minister does not fall below this price level, it is expected that the current correction will serve as a mere withdrawal as part of preparation for significant growth.
Bitcoin price review
At the time of writing, bitcoins trade at USD 104,739 after a petite attachment of 0.64% on the last day. Meanwhile, the daily volume of asset trading will be valued at 40.03 billion dollars after an boost of $ 31.28 on the last day.
Despite this slight price boost on the last day, Bitcoin must return to the current highest level in history in the amount of USD 111,970 to neutralize the current bear potential. However, the most significant cryptocurrency will have known resistance at USD 106,000 and USD 109,000 to obtain this task.
