Despite seeing multiple crashes over the last few months, the expectations for the Bitcoin price remain incredibly high. Predictions have ranged from hundreds of thousands of dollars to millions, but they all maintain one thing in common, and that is the fact that the Bitcoin bull market is far from over. To this end, pseudonymous crypto analyst Cryptorphic has unveiled another bullish prediction, putting the BTC price close to the coveted $100,000 mark.
Key Bullish Levels To Watch For Bitcoin
Cryptorphic’s analysis on Bitcoin points the spotlight on major support levels that investors must watch out for to know where the price is headed next. More specifically, these important levels are the higher time frame (HTF) and the lower time frame (LTF).
For the higher time frame, the crypto analyst reveals that the $50,521-$50,901 levels are important for the Bitcoin price to hold. This is because holding these levels could be the start of a rebound. However, in the event of a break below these, then the $46,216-$46,930 became the next major levels on the higher time frame.
The crypto analyst explains that “These ranges represent higher timeframe (HTF) bottoms for the overall HTF trend. There’s a good chance that we could see a reversal within one of these zones, leading to a potential upward move.”
If this plays out, then the crypto analyst believes that the Bitcoin price could rally toward a new all-time high. “both of the above ranges are strong support levels and could propel the price back to all-time highs (ATH) of 70k – 72k or even higher, potentially reaching 89k – 93k,” Cryptorphic stated.
Key Bearish Levels To Watch
In contrast to the bullishness that could emerge if the Bitcoin price does hold the important support levels, there is still bearishness lurking around. This happens when the levels highlight above fail and the price gets an opportunity for another major crash.
The BTC price is expected to fall as low as $37,700 in this scenario. However, the crypto analyst says “this lower range only becomes relevant if the higher ranges fail to hold.” Nevertheless, there have been some positive developments for the Bitcoin price, as the analyst highlights a notable increase in trading volume. This suggests a return of interest for the pioneer cryptocurrency.
Given that this notable rise in volume has been as a result of increased buying among investors, the Bitcoin price could be moving toward a price pump. The crypto analyst expects the price direction to develop over the next couple of weeks.
Featured image created with Dall.E, chart from Tradingview.com
