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Crypto analyst crazy whale has revealed where the Bitcoin price could go after correctly predicting the BTC crash to $89,000. The analyst also explained why the current outlook for the flagship crypto is bullish, which could lead to further gains.
Where the Bitcoin price goes next
In one TradeView postMadWhale predicted that Bitcoin price could post a 17% gain and soar to a new high of $110,000. The analyst explained that the outlook for the crypto market is largely positive. He added that there is a renewed surge in market volume after the usual holiday lull, which often causes temporary price drops.
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MadWhale further noted that this increase is a sign of renewed investor interest, which is a bullish sign and could indicate rising prices soon. In line with this, he predicted that the Bitcoin price would be on its way to becoming new all-time highs (ATHs). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that the upward momentum could continue, leading to this potential 17% gain for the flagship crypto.
The analyst’s accompanying chart showed that the expected Bitcoin price rise to $110,000 could happen this month. This forecast undoubtedly offers some optimism given recent developments BTC crash. Bitcoin fell to a low of $89,000 yesterday amid market uncertainty.
This market uncertainty is due to developments on the macro side, such as the December jobs figures. Following strong US jobs data, traders predict there will be only one Fed rate cut this year, which is bearish for the Bitcoin price and the broader crypto market. On the other hand, Donald Trump’s inauguration offers a bullish outlook for the flagship crypto.
Trump has promised one Strategic BTC reservewhich is bullish for the Bitcoin price as this could lead to widespread adoption by nation states of the flagship crypto.
There is already talk of a bullish reversal
Crypto analyst Jelle suggested that a bullish reversal is already in play for the Bitcoin price. He said Bitcoin removed key downside liquidity and immediately rose back above $94,000. The crypto analyst added that the flagship crypto is now facing resistance at current levels, with the 200-day Exponential Moving Average (EMA) and levels it has been struggling with for a while.
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Jelle predicted that a Bitcoin price breakout above $97,000 could lead to new highs for the flagship crypto. In another X-post he stated that BTC is pushing for a breakout from the weekly falling wedge. The crypto analyst added that the target of this formation is around $130,000.
At the time of writing, the Bitcoin price is trading around $96,300, up almost 4% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com