Bitcoin Bears Back In Control After $110,000 Rejection, What Comes Next? 🐻
The Bitcoin price has recently faced a significant rejection at the $110,000 level, indicating that bears are now in control. This rejection has led to predictions that the cryptocurrency could fall below the psychological level of $100,000, which could trigger further declines in the crypto market.
A crypto analyst suggests that this setback aligns with a broader plan, as the digital asset is undergoing major distribution, which explains the price decline. Such corrections after major surges are deemed normal, and there is ongoing accumulation as Bitcoin transitions between investor groups.
This accumulation phase is expected to usher in the next bullish wave, propelling Bitcoin's price upwards. According to an analyst's chart on TradingView, the correction phase won't last long if support holds at $107,000, potentially leading to a breakout phase with the Bitcoin price reaching $130,000.
Further optimistic projections place Bitcoin's value at $150,000 by end of 2025. Analysts suggest that these targets could even be achieved sooner if the current trend accelerates. The long-term outlook remains bullish, with significant upward potential for the digital currency.
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