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Bitcoin’s Advent to $100K: Understanding Scenarios of ‘Brief Shakeout’ Before ‘Big Breakout’

Published by
Anjali Belgaumkar

Analyst Sheldon took to Crypto Banter’s channel and noted that Bitcoin’s price at $71,000 is a sign of a strong market resurgence. Despite slight concerns in the stock market, it held up well, leading to a positive push from Bitcoin. The exciting aspect now is the potential squeeze in altcoins. 

He pointed out that Bitcoin has initiated the squeeze, with the crucial barrier being the $72,000 mark. This indicates a potential breakthrough of the all-time highs, signaling the onset of the optimism stage in the higher time frames of the market cycle. 

The analyst explained that a strong resistance level was around $65,000, now shifting to approximately $72,000. This indicates that a significant short squeeze could occur, potentially causing the market to surge if Bitcoin breaks its all-time high. Currently, Bitcoin is hovering around $71,000 to $72,000, suggesting a great resistance zone. This means that while it might take some time to reach $72,000 to $73,000, a breakout could lead to a rapid price increase.

Here are the three potential scenarios explained by the analyst:

Liquidation Trap: There could be a quick upward movement to around $76,000, followed by a brief shakeout before continuing upwards.

Pullback and Surge: Bitcoin might experience a small pullback to around $70,000 or $69,500 before rocketing upwards. 

Continuous Rally: There might not be a trap, and Bitcoin could simply surge past its all-time highs, potentially reaching around $84,000 in a few days. The next target is $100,000, although this is a higher time frame target.

Reflecting on past cycles, he observed a similar pattern of a brief downturn before entering the optimism phase, explaining the importance of being prepared and strategically entering the market. At the time of writing, Bitcoin is slightly trading above the $71k levels.

Also Read: Ethereum ETFs Face Major Delays: SEC’s Gensler Reveals Crucial Details

Anjali Belgaumkar

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 “Enthusiast” but trust me I'm getting there.

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