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Consensus strongly believes that Bitcoin price is headed for an additional protracted bear market after hitting its all-time high of $126,000 in October. However, some analysts have indicated that this can not occur in a straight line. Rather, there can be short recovery rallies that push the value higher before moving into the following phase of the bear market. One of those analysts is TradingShot, which has shared so-called “realistic” price targets that Bitcoin price can still reach before slipping fully into bear market.
Bitcoin's tendency to recuperate
TradingShots evaluation doesn’t contradict the thought of a bear market, but quite indicates that Bitcoin has not yet entered a brand new bull market. The evaluation focuses on the sell-offs the cryptocurrency has suffered since reaching its all-time high, which has pushed it right into a bearish phase. The analyst draws similarities between the present market structure and the market decline between January 20 and April 7, showing that each are a part of a “channel up” formation.
Another interesting fact in regards to the current trend is the indisputable fact that, similar to the January-April trend, it has also accomplished a 1-day MACD bullish cross. This was a formation that led to a temporary rally back in March, and the identical might be the case this time too.
Such a rally, the analyst explains, is known as a countertrend rally, and one other one might be underway. If that is the case, Bitcoin price might be preparing to retest the lower high trendline, putting contact points at significantly higher price levels than Bitcoin is currently trending.
Source: TradingView
The goals that would change into reality
In the event that this counter-trend rally in Bitcoin price actually occurs, TradingShot outlines two most important goals that the cryptocurrency could achieve. The first of those is at $95,850, which corresponds to the 0.382 Fibonacci level. This level is the rejection point for the April 2025 rally, making it a very important play point.
Above this primary goal lies the second and final goal of $106,450. Interestingly, this goal is outside the lower high trendline but stays a viable option. This would occur in a situation where the Bitcoin price touches the 1D MA200. The analyst explains: “This is where the Fibonacci retracement level of 0.618 lies, which was also goal 2 for the April fractal and where the second consolidation took place.”
BTC continues to stay stable | Source: BTCUSD on Tradingview.com
Featured image by Dall.E, chart by TradingView.com
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