Bitcoin could be about to reach 104K
Bitcoin most likely bottomed out yesterday, following a 9% correction from its all-time high. However, the price is stuck in a triangle pattern in the short term. There are three exciting scenarios to watch.
If the short-term trend observed yesterday holds, the price could bottom out in the 92k and 94k range.
The alternative, and perhaps a safer setup to some extent, would be a breakout from the triangle pattern, with a breach above 96.88k likely triggering a bullish push towards 104k.
More pessimistic traders might anticipate a more substantial correction, with the price revisiting yesterday's low and the triangle support area near the November 26th low of around 91.2k. However, this is the least likely scenario for now.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
If the short-term trend observed yesterday holds, the price could bottom out in the 92k and 94k range.
The alternative, and perhaps a safer setup to some extent, would be a breakout from the triangle pattern, with a breach above 96.88k likely triggering a bullish push towards 104k.
More pessimistic traders might anticipate a more substantial correction, with the price revisiting yesterday's low and the triangle support area near the November 26th low of around 91.2k. However, this is the least likely scenario for now.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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