Bitcoin nearly hit 113,000 USD after Wall Street opened on Wednesday, as investors sought to solidify the market recovery.
The price outlook for BTC depends on the level of 112,000 USD
Data from TradingView shows that Bitcoin has reached a local high of 112,646 USD. Currently, the price of Bitcoin has increased by more than 3,000 USD from the lows of several weeks ago, and the BTC/USD pair continues to create debates about its next trend.
"$BTC has regained the EMA-100 level," famous trader BitBull shared in a post on X, referring to the 100-day exponential moving average at 110,850 USD.
"This is very important in forming a bottom, and right now, the buyers are still in control. If BTC holds this level, I wouldn't be surprised to see a rally towards 116K-117K USD."
Despite maintaining a bearish outlook, trader Roman, who claimed that the bull market has completely ended this week, emphasized the importance of the 112,000 USD threshold.
"It seems that there is currently a breakdown and a bearish retest. If support at the 112k level is actually lost, the next support will be at 102k. There are also signs that a double top is being confirmed here," he shared with his followers on X.
"I predict the price will continue to fall over the next few days - unless we completely regain support at 112k."
Famous trader and analyst Rekt Capital also highlighted the similarities between the current BTC downturn and previous bullish cycles.
"History doesn't always repeat itself but often has similarities," he summarized, confirming that the price has entered its second 'price discovery correction' phase.
"Bitcoin reached a new all-time high in the sixth week before entering the second price discovery correction phase. History shows this downturn is likely to be shallower and shorter than previous ones."
Is there still time left for the bull market?
The discussion also focused on the sustainability of the bull market, with market participants divided on how long it could last.
For Rekt Capital, history demands that October must be the deadline for a trend change from bearish.
This contrasts with hopes that the next Bitcoin bear market is still years away — a view put forth by David Bailey, Bitcoin advisor to President Donald Trump.
"There won't be another Bitcoin bear market for a few years," Bailey argued on X over the weekend, emphasizing the institutionalization of BTC as an asset.