$BTC

What is the future of Bitcoin?

Looking ahead, KillaXBT has highlighted three potential scenarios for Bitcoin. Currently, analysts indicate that the leading digital currency is re-testing a resistance area ranging from $104,800 to $106,000, which aligns with Fibonacci retracement levels of 0.5-0.618 from the recent price drop.

In the first scenario, KillaXBT expects the bullish trend to continue only if Bitcoin breaks this resistance area and maintains above it. This move could trap short sellers again, potentially reinforcing upward momentum.

However, if Bitcoin faces rejection at this specified resistance area, the second scenario will come into play, where the price is likely to decline and re-test the support level of $100,000. The third and final scenario, which is the worst, involves the price breaking below the $100,000 level, pushing Bitcoin to re-test support areas around the $97,000 price range.

Interestingly, KillaXBT's personal forecasts anticipate that market makers will continue to push the price of Bitcoin higher, taking advantage of the sharp recent recovery that surprised many short sellers. With no clear long-term 'safe' entry yet, the analyst notes that pushing prices further will trap more short sellers.