When Crypto Bull Run continues to stop, Bitcoin (BTC) will remain in consolidation that moves at most between $ 101,000 – $ 106,000 over the past two weeks. Interestingly, a market analyst with X users Cryptododo7 has shared a potential path for BTC to restore its haus -like speed. However, this theory includes an initial significant price dip.
Trump effect: Why Bitcoin may need to return to $ 76,000
Based on his campaign promises, the President of the United States Donald Trump Secured a significant consequence in the digital asset space that longed for a crypt -friendly administration.
Because of these expectations, Trump’s possible victory stimulated as US President Bitcoin to increase to $ 108,000 as followed by a correction to Under $ 90,000. Analyst Kryptododo7 explains These movements were orchestrated by market manufacturers who ensured that BTC returned to $ 108,000 that Trump adopted the office on January 20.
The analyst claimed that these market manufacturers used new market participants who bought Bitcoin at high prices such as start -ups. This market sales resulted in a case in Bitcoin’s price seen in both cases. With Bitcoin now stuck to a series of markets, Cryptododo7 says that there is a need for the main Cryptocurrency to return to $ 76,000 to restart a new rally.
This prediction is based on technical factors such as the double top formation and the short-term Wyckoff distribution schedule, both of which indicate that BTC is due to a major decline. However, Cryptodo7’s selection of $ 76,000 as a potential target derives from several reasons, including the fact that this price level acts as a strong support and liquidity mop-up zone that has been a region with strong purchase interest.
In addition, a return to $ 76,000 would finally allow the Bitcoin market to absorb the surplus requirements from new market participants who previously bought at high prices. In addition, this price correction will present institutional investors to actively gather BTC against the next rally. Cryptododo7 predicts that the next bull rally will definitely occur provided that bitcoin tests to $ 76,000 and find enough support at this price level.
BTC Price overview
At the time of writing, BTC is $ 99,659 after a decline of 2.74% on the past day. At the same time, the asset’s daily trade volume has dropped by 31.29%, which indicates a significant decline in traders.
To do any significant trend, Bitcoin faces a great resistance of $ 106,0000 and moves past which can push access to new price regions. With a market value of $ 1.99 trillion, BTC remains the most valuable Cryptocurrency with a market dominance of 58.6%.
