The price of bitcoin is on the Edge of a major escapewith the momentum as the major resistance approaches. According to a recent technical analysis, The next step could propel BTC to $ 130,000; However, some critical optimistic confirmations are necessary first.
Bitcoin price set for a new target of $ 131,000 ATH
Analyst Crypto Hov presented a new Elliott Wave technical analysis the price of bitcoin in a recent job On X (formerly Twitter). According to Hov, the flagship cryptocurrency could exceed its previous A higher level of more than $ 109,000 And reach $ 131,060 during this market cycle.
The analyst has described a detailed roadmap for Bitcoin to reach this new target, emphasizing a bullish confirmation model supported by key technical indicators.
Hov remains optimistic about Bitcoin despite his recent downward trend and price accidentQuoting the cryptocurrency approach to a key increased confirmation like the driving force of its projection. The analyst revealed that the slow grinding of Bitcoin brought it just below a Key resistance level In the range of $ 89,000 to $ 94,000.
By examining the analyst’s price table, the recent lowest structure develops as a potential diagonal model, generally considered as a valid bullish confirmation training in Elliott waves theory. However, Hovs warns that resistance is not the ideal level to initiate new positions as a trader.
Instead, merchants should closely monitor a higher leg to finish wave 5 in the immediate time. This would mark the end of the short -term impulse and would trigger a healthy decline in the wave 3 – a key element of the Haussier confirmation.
With bitcoin Wave 5The support of around $ 80,000 is now the most critical level to monitor. A withdrawal that finds buyers at this level would confirm the force and could potentially prepare the ground for a powerful Reverse head and shoulder pattern At the base of the graphic.
If Bitcoin holds $ 80,000 during the decline and recover the resistance of $ 89,000, it would validate a larger movement of the wave 3. This escape would probably carry the price towards an extension objective of Fibonacci 1: 1 to $ 94,000 as the first stop.
However, the real challenge is in advance, with psychological and macro resistance nearly $ 100,000. A higher delay (HTF) close above this level would be a major upper signal, opening a path to new peaks, with fibonacci extensions pointing to a possible summit at $ 131,060.
While Hov’s graphic describes it, if the wave structure continues to play, Bitcoin could prepare for the most explosive rupture. However, as indicated, confirmation at key levels will be the decisive factor to find out if this bullish configuration becomes a reality.
Updating the action of the Bitcoin price
The Bitcoin price is currently negotiated at $ 84,968, marking a modest gain of 1.6% in last week. Despite Price ventilation predictions due to Increased volatility As a result of recent political developments in the United States (United States), the main cryptocurrency remains resilient, aimed at breaking past critical resistance and achieving new heights.
According to Coincocex dataBitcoin moved to neutral territory after being previously stuck in a downward feeling area. While Fear and greed Always reflects uncertainty, cryptocurrency maintains a long-term optimistic perspective.
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