BTC offers an opportunity to buy before the price rises to $110,000, according to the analyst’s weekly Bitcoin forecast. Bitcoin price could double if the bulls gather strength to break above a critical resistance line. A portion above $69,829 will be seen on the radar as a 54% increase. The bullish view could be invalidated if BTC breaks below $45,766. Details Cryptocoin. com
“ Bitcoin price will give a buying opportunity”
If BTC manages to break out above a crucial resistance line, a big rise could be in store for BTC price. BTC price has formed an ascending triangle pattern on the weekly chart, which shows that the overall outlook for BTC is bullish. According to analyst Sarah Tran, the prevailing chart pattern shows a 54% rise towards $110,714 acting as resistance at $69,829 if the strong cryptocurrency manages to break out above the upper bound. The first resistance line for BTC is at the 50% retracement level at $48,777, which coincides with the 50-week SMA. Bitcoin price is at the 21-week SMA at $52,784, followed by 61%. It will discover additional headwinds at the 8 Fibonacci retracement level at $53,478. According to the analyst, it’s 78% sitting at $60,167. The 6 Fibonacci retracement level will also act as a hurdle for the leading cryptocurrency as the bulls try to label the upper bound of the dominant chart pattern. According to the analyst, BTC is 127%. 2 Fibonacci extension at $79.512, then 161%. It will face resistance at $93,300 at the 8 Fibonacci extension level.
However, if the selling pressure increases, Bitcoin price will test the lower bound of the governing technical pattern as support at $45,766. Additional lines of defense 38%. It will emerge from the 2 Fibonacci retracement level at $44,078, followed by the November 29 low of $42,150. Traders should keep in mind that the bullish view will be invalidated if the Bitcoin price drops below the downtrend line of the governing technical pattern.