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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Dec 16, 2024 12:46 UTC
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Bitcoin Price Prediction: Bullish Scenario Points to Breakout Above $130k
Bitcoin targets $130K with potential for $170K or $190K. Support levels at $97Kโ$98K may cushion pullbacks.
Bitcoin shows bullish momentum, aiming for higher targets, with risks rising as price nears $130K.
Bitcoin is trading slightly below the $104k level at the time of writing. Bitcoin is on a strong upward move, moving towards much higher targets above $110k. The price has been steadily rising, with shallow pullbacks, which is typical of previous cycles. The push higher suggests we could soon reach higher targets.
Wave Count and Potential for $130k
The current price action is aligned with a potential wave four pattern. While some expect a more shallow wave four, past cycles have seen similar patterns. The focus remains on Bitcoin reaching $130k, and thereโs speculation about possible further extensions, with some predicting Bitcoin could hit $170k or even $190k.
Higher Prices Expected, But With Risks
Bitcoin is expected to keep moving higher, but as we approach the $130k target, the risks also increase. Price action is approaching a critical point, and the likelihood of reaching higher prices depends on whether we see the expected 4-5 wave pattern.
Analyst Josh of Crypto World compared the current situation to Bitcoinโs price action from four years ago, highlighting a similar scenario when Bitcoin broke out after a bearish divergence in the (Relative Strength Index) RSI. After that breakout, the price experienced significant upward movement, and the analyst suggests a similar outcome could occur again. He said that the next price target for Bitcoin would be around $113,000, based on the 261.8% Fibonacci extension.ย
Additionally, the weekly MACD (Moving Average Convergence Divergence) indicator, which measures momentum, is still showing bullish trends, though there is a slight decrease in bullish momentum in the short term.
Support Levels and Market Structure:
The analyst revealed several support levels on smaller time frames, such as the $97,000โ$98,000 range, where Bitcoin has shown strong support in recent days. These levels could serve as a cushion in case of any pullbacks.
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FAQs
The BTC price may range between $100,000 and $107,000 for today.
If the bullish sentiment sustains, the star crypto may continue gaining value tomorrow.
With a potential surge, the Bitcoin (BTC) price may close the month with a high of $110,000.
Bitcoin’s value is driven by its ATH of $106k, boosted by ETFs, adoption, and reduced exchange supply amid rising demand.
Yes 
No 
