Cryptocurrency analyst who exactly predicted a Bitcoin price crash to $99,000 made another noteworthy prediction for the pioneering cryptocurrency. While the analyst’s previously bearish projection was driven by volatility and failing market demand for Bitcoin, his up-to-date forecast sees the cryptocurrency skyrocketing to up-to-date highs above $110,000, fueled by its recent bullish performance.

Bitcoin will retest key support as its next move

Technically speaking, TradingView cryptocurrency analyst R.Linda does indicated range from $102,500 to $100,000 as a critical support zone for Bitcoin. The analyst emphasizes that if Bitcoin can retest and sustain the price above this zone, it could set the stage for a potential market rally to $120,000 in up-to-date ATH in the medium term.

According to CoinMarketCap, Bitcoin is currently trading at $108,594, up a dramatic 4.65% over the past 24 hours. R. Linda suggests that this recent price raise may be due to mighty accumulation and growing investor confidence.

Given Bitcoin’s growing momentum, TradingView’s market expert has made a bet up-to-date levels of resistance at $103,600, $105,700 and $107,500. In her opinion, a successful breakout from these levels may gain momentum Bitcoin to Retest Recent Bullish Targets ranging from $108,000 to $112,000.

Despite correctly predicting Bitcoin’s recent crash to $99,000, the analyst believes that another failure to stay above $100,000 could temporarily stall price growth, with the possibility of a more solemn crash. R. Linda stated that Bitcoin can create correction patternpotentially seeing a slight pullback to the 0.5 Fibonacci retracement level near $100,000 or even as low as $97,500.

Going forward, Bitcoin’s overall trend remains bullish as long as its price recovers quickly from the projected declines and remains above critical support levels. The $102,500 level is highlighted as a key price point to be launched Bitcoin’s bullish continuation.

The current Bitcoin market situation

According to R. Linda, Bitcoin surprised the market once again raise by over 18% over the last week after crossing previous support zones. The flagship cryptocurrency quickly revived previous bullish sentiment after retesting the “panic and risk zone” as selling pressure increased significantly.

This pointed price raise is attributed to technical, fundamental and macroeconomic factors. R. Linda noted an raise in the activity of institutional investors and major players in the industry. She suggested it Donald Trump’s inauguration as President of the United States (USA) and speculations about favorable crypto policy under his administration also contributed significantly to Bitcoin’s recent rebound.

This bullish combination strengthened Bitcoin’s position, creating a mighty momentum that attracted up-to-date buyers and increased interest from institutional players around the world. This is emphasized by R. Linda Bitcoin price action over the last three days suggests a mighty consolidation and accumulation phase, with buyers aggressively defending the price area between $91,000 and $89,000.

Featured image from Unsplash, chart from Tradingview.com