Crypto trader James Wynn predicts that the rise in Bitcoin's price is not over yet, as it is expected to reach an all-time high soon. This comes as the price of Bitcoin remains stable between $102,000 and $106,000, without a clear pattern indicating the next price direction. While the prediction of reaching an all-time high was not surprising for crypto investors, the tight timeframe set for the price to achieve this target caught attention.
■ Bitcoin price holds steady against downward pressures
A high-profit crypto trader stated through his X account (formerly known as Twitter), which has over 63,000 followers, that he expects Bitcoin's price to continue rising. He clarified that after hitting a low of $74,000, Bitcoin's price managed to stay within a narrow range between $102,000 and $106,000.
With Bitcoin's price re-testing key support levels without declining, Wynn clarified that this supports his hypothesis that the price of Bitcoin will not drop again. Despite the fraud that occurred over the weekend, the crypto trader did not back down, attributing this decline to market makers pushing the price down to liquidate late buying positions. However, with many positions being liquidated, he pointed out that there is no longer a reason for market makers to continue pushing the price down.
Currently, the price shows significant strength above the $100,000 level, and the trader believes this is due to strong psychological support at this level. Furthermore, he indicates that even market makers may not have the strength to push the price below this level.
■ Bitcoin turns bullish on the charts
In addition to the psychological support forming at the $100,000 level, Bitcoin's price has also shown significant strength on the chart. For example, James Wynn notes that bulls have been engulfing candles on the hourly chart. As a result, panic selling has eliminated weak investors, along with market makers losing their momentum.
