Bitcoin (BTC) is undergoing a critical consolidation, laying the foundation for its future rise. According to top cryptocurrency analysts, this consolidation phase may be a precursor to Bitcoin breaking its historical high. In the coming days, Bitcoin's price movements will determine whether it can achieve a new breakthrough.
Key price level: $108,924 is the decisive price point
Famous analyst - Teacher Da Bing recently shared his views on Bitcoin's future movements and emphasized several key price levels in the current market. According to his analysis, $108,924 is the most critical price level for Bitcoin at present, and breaking this level will confirm Bitcoin's upward momentum.
The analyst believes that after breaking $108,924, Bitcoin may continue to rise, ultimately retesting its historical high of $112,000. He also pointed out that this price range is the trigger point for Bitcoin's 'bullish pattern.'
Price declines can also create opportunities: around $105,000 is a liquidity point
Although the market is currently consolidating, the analyst still believes that a drop in Bitcoin to around $105,000 to $95,000 will bring opportunities to the market. He thinks that if the price falls to this position, it will provide retailers with a liquidity point to increase their Bitcoin holdings. Additionally, $100,000 is also seen as another important support range.
In the analyst's view, even if Bitcoin's price drops to these support levels in the short term, the market's fundamentals and long-term bullish trend have not changed, and may instead provide more buying opportunities.
Bullish pattern continues, breaking $110,545 may lead to accelerated growth
On Bitcoin's 4-hour chart, the analyst believes there are some historical key areas that have significantly influenced Bitcoin's price movements. He believes that breaking $110,545 could trigger an accelerated rise in Bitcoin's price, further pushing Bitcoin towards new all-time highs.
Notably, Bitcoin's current consolidation range is right at the mid-level of the Fibonacci retracement. Once this position is broken, Bitcoin's next upward momentum may be even stronger.
Conclusion: The next few days are critical!
Based on the current market and analysis, Bitcoin is preparing for the next round of increases. After breaking $108,924, Bitcoin is expected to challenge the historical high of $112,000, and if the short-term price drops to $100,000 or $95,000, it could also provide important support for future gains. In any case, the next few days will be a crucial moment in determining Bitcoin's direction, and investors need to closely monitor these key price levels and be prepared for market changes.