As previously forecast Bitcoin flash failure to $94,000, a cryptocurrency analyst has set a novel target for the pioneering cryptocurrency. The analyst predicts another large drop in Bitcoin’s price ahead reached a novel all-time record.

$130,000 goal in sight after Bitcoin Flash crash

The broader cryptocurrency market has undergone a significant correction following the recent Bitcoin flash crash. Bitcoin price last week lost $3,000 in less than 30 minutes, dropping from $97,000 to $94,000, then quickly rebounding above $97,000. Flash unexpectedly crashed widespread liquidationsand more than $1.5 billion in long and miniature positions were wiped out as investors sought to mitigate losses.

Currently with Bitcoin shows signs of momentumanalysts expressed expectations for future price increases. Notably, TradingView’s cryptocurrency analyst, identified as “Setupsfx”, common detailed price chart predicting Bitcoin’s future movements and next goal.

The analyst accurately predicted Bitcoin’s crash to $94,000, and now he has expanded his prediction to include a potential recovery phase. According to his latest analysis, Bitcoin is expected to find robust support around it level of $96,000 after a short-term price correction in this key zone. This novel support level is seen as a well pullback that will assist build momentum for an upward move.

The analyst chart shows accumulation phase on the left, during which prices appear to move sideways, creating robust lows, filling fair value gaps (FVG). Additionally, blocks of orders and breaks in structure (BOS) can be identified on the Bitcoin price chart.

According to the chart, Bitcoin’s price successfully broke out of the mentioned accumulation zone and started an raise that led to its ATH above $100,000. This bullish momentum is consistent with the media hype US presidential electionswhich led to the Bitcoin price rising to a novel record high.

With this in mind, the analyst predicts that Bitcoin will experience another recallpossibly testing the $96,000 zone before prices reverse. This reversal is expected to spark a novel rally, potentially pushing Bitcoin towards a novel target of $130,000.

BTC price action update

According to CoinMarketCap, Bitcoin is trading at $97,223 at the time of writing, after falling more than 2% in the last 24 hours. The cryptocurrency traded below the $100,000 level after pulling back slightly following the impact ATH above $104,000.

The broader market sentiment has also appreciated in value despite the recent decline in Bitcoin’s price. Notably, Bitcoin trading volume has increased by 99% in the last 24 hours and its market capitalization is approaching the $2 trillion milestone.

Commenting on Bitcoin’s price action, cryptocurrency analyst Jelle revealed that Bitcoin’s current price action closely mirrors its bullish behavior during the 2020 ATH breakout. Based on these similar price movements, the analyst predicts that Bitcoin could experience another breakout soon if it continues this bullish momentum.

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