Bitcoin is still trending above $100,000 despite having seen a turn toward negative sentiment in the last week. This suggests that this is the major level to hold for bulls, or the bullish trend would be invalidated. Amid this, there have been wild fluctuations in the daily trading volume of the cryptocurrency as investors remain highly uncertain of what is supposed to come next. While some predict the digital asset to crash further from here, others like crypto analyst Master Ananda see a continuation of the uptrend.
Why Bitcoin Price Is Headed For $115,482
In an analysis, Master Ananda has suggested that the Bitcoin price will reverse, and not just that, but that the digital asset would rise to new all-time highs from here. The first pointer was toward the market crash back on June 13 that sent the price spiraling toward $100,000. However, it was stopped short above $102,000, and the crypto analyst believes that this shows that the bearish move was over.
With the recovery, the Bitcoin price has continued to trade above the 0.618 Fibonacci retracement, putting it back on the path of bulls. Furthermore, the Bitcoin price has also moved above major levels such as the EMA34, EMA21, 3MA13, and the EMA8, according to the analyst.
From here on, the levels that the Bitcoin price needs to hold are the $105,293 and $105,314 support levels. Holding these levels would provide the needed strength for the cryptocurrency to continue rising further. But a fall from here would mean that the next support to hold would be at $104,533 and $104,282, Master Ananda explained. This is because this would put the price right at the 0.618 Fibonacci retracement level.
Why A Bounce Could Mean New All-Time Highs
On the flip side of the support levels are the resistance levels that the Bitcoin price must surmount in order to actually make a notable rally. Here, the main levels lie above $016,625 and then $107,559. Both of these act as resistance strongholds for bears, as has been shown by the price action over the last week.
If the resistance at the latter can be surmounted, then the next level to beat lies at $018,989. Then, moving forward, $110,586 stands in the way, and how the bulls perform at this level would be a determinant of whether the Bitcoin price would reach new all-time highs or decline back toward $100,000.
According to the crypto analyst’s charts, the Bitcoin price would target $115,482 as its final stop on this rally. As the crypto analyst explained, “The 1H timeframe is bullish now based on price action, candlestick patterns, higher lows, moving averages, and the oscillators.”
Featured image from Dall.E, chart from TradingView.com
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