As Bitcoin continues to surge toward new highs, analysts are eyeing key resistance levels and potential pullbacks. As Bitcoin continues to climb, it will inevitably face occasional pullbacks and these sharp red candles are common in a bullish market.
On Crypto Banter’s The Sniper Trading Show, the analyst said that one can expect the market to continue its upward trajectory, but be ready for dips of 20% to 30% at any time. Such pullbacks are an expected part of the market’s volatility and will likely present excellent buying opportunities.
The key levels to watch for Bitcoin’s next move are the Fibonacci retracement levels. For instance, we know that when Bitcoin breaks certain Fibonacci levels, it often consolidates before making a move to the next target.
Applying this to Bitcoin, he said that we can see that there is a potential resistance zone around $88,000 to $90,000. If Bitcoin continues to climb, it will likely experience a trap in this area—where the price pulls back briefly before continuing its rally toward $100,000.
Bitcoin’s next major Fibonacci level to watch is the 1.618 extension, which currently sits around $90,000. However, there’s no significant resistance until this level, so Bitcoin could continue to rise toward $100,000 without much opposition. That said, expect the market to experience periodic pullbacks, especially after significant green days.
Bitcoin’s dominance in the market is an essential metric to watch. As Bitcoin leads the charge, its dominance will typically rise, but this doesn’t mean altcoins are out of the picture. In fact, when Bitcoin’s dominance starts to slow, it often signals the beginning of an altcoin season.
The analyst said that looking at the Bitcoin dominance chart, it’s clear that Bitcoin’s dominance is currently on the decline. This means altcoins are starting to catch up, and the next few weeks could see significant gains for altcoins like Cardano (ADA), Ethereum (ETH), and XRP.
However, this doesn’t mean we’re in full-blown altcoin season just yet. Altcoin dominance will likely increase as Bitcoin reaches the $100,000 mark. At that point, Bitcoin will likely consolidate for a while, allowing altcoins to rally.
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