While the Crypto Bull Run continues to stall, the Bitcoin market (BTC) remains in consolidation moving mainly between $ 101,000 and $ 106,000 in the last two weeks. Interestingly, a market analyst at X Username Cryptododo7 shared a potential BTC path to restore his bullish momentum. However, this theory includes an initial decrease in significant price.
The Trump effect: why may Bitcoin may go to $ 76,000
Based on his campaign promises, US President Donald Trump obtained a substantial audience in the space of digital assets which aspired to a cryptographic friendly administration.
Due to these expectations, Trump’s possible victory as a president pushed Bitcoin to increase to $ 108,000, followed by a correction at less than $ 90,000. Cryptododo7 analyst explains that these movements were orchestrated by market manufacturers who assured that the BTC returned to $ 108,000 while Trump took office on January 20.
The analyst said that these market manufacturers used new market entrants who bought Bitcoin at high prices as exit liquidity. This market sale has led to a drop in the price of bitcoin as shown by both cases. Bitcoin is now stuck in a market linked to the range, Cryptododo7 indicates that it is necessary that the first first cryptocurrency becomes 76,000 $ 76,000 in order to restart a new rally.
This prediction is based on technical factors such as high -level double training and the short -term Wyckoff distribution scheme, both of which indicate that the BTC is due for a major drop. However, the selection of $ 76,000 per cryptodododo7 as a potential target comes from several reasons, in particular that this price level serves as a solid support area and liquidity liquidity having been a region of solid purchasing interests.
In addition, a decline at $ 76,000 would finally allow the Bitcoin market to absorb the excess requirements of new market entrants who previously bought at high prices. In addition, this price correction will present institutional investors to actively accumulate BTC against the next rally. Cryptododo7 predicts that the next Taureau rally will certainly occur for Bitcoin reports at $ 76,000 and find sufficient support at this price level.
Overview of BTC prices
At the time of writing the editorial staff, BTC is negotiated at $ 99,659 after a drop of 2.74% in the last day. Meanwhile, the daily negotiation volume of the assets dropped by 31.29% suggesting a significant drop in the interests of traders.
To make a significant rise in trend, Bitcoin faces a major resistance at $ 106,000, passing in front, which can push the assets to new price regions. With a market capitalization of 1.99 Billion of dollars, the BTC remains the most precious cryptocurrency with market domination of 58.6%.
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