Cryptocurrency analyst TradingShot recently discussed Bitcoin’s $99,000 price rejection, providing insight into whether it was short-lived or marked the end bull rally. His analysis showed that the price rejection was short-lived and that Bitcoin would still reach or even exceed the $100,000 mark.

Bitcoin Price Rejection at $99,000 Likely Fleeting

In TradeView entryTradingShot suggested that Bitcoin’s rejection at $99,000 is likely short-lived. As for what may have caused the price rejection, the analyst noted that it could be due to the post-election euphoria running out as the market has fully priced in the fact that pro-crypto Donald Trump will be the next president of the USA.

The analyst added that there is also a psychological weight $100,000 barrierperhaps because investors typically take profits around these levels. From a technical analysis point of view, the analyst explained what could be the reason for the rejection of Bitcoin’s price at $99,000.

TradingShot has noticed the Fibonacci channel that has been taking place recently last three cyclesincluding this one. He noted that this pattern began with a powerful rebound that created Bitcoin’s December 2013 price high. The cycle peak was at the 0.236 Fib cycle level, a level that rejected increases in subsequent cycles.

This Fib level rejected the uptrend in Bitcoin’s price on November 22 and acts as the “first real resistance of the bull cycle.” TradingShot said this is the first major rejection level the bull cycle faces before the market finally tops. The analyst added that the high over the last two cycles is at the 0.0 Fib level, which is technically at the top of this channel.

The attached analyst chart showed that the target at the top of this channel for Bitcoin price is over $200,000. However, TradingShot mentioned that the red spot in the current cycle at the end of 2025 is not a forecast, but simply an illustration for comparison purposes.

When the market peak might happen

TradingShot also provided insight into when Bitcoin is priced may be at the top in this market cycle. The analyst noted that previous bull cycles lasted approximately 150 weeks (1,050 days). Therefore, a repeat of this pattern would mean that Bitcoin’s peak in this cycle could occur in slow September or early October.

The analyst stated that it is much better to try to time the market peak and sell rather than place an actual price on it. TradingShot added that although Bitcoin price is facing a technical rejection, the current rally started from the August 5 low, which is exactly within the 1-week 50-day period moving average. As long as this trend line holds, the analyst noted that the cyclical bullish wave should remain intact.

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