Bitcoin Forecast: $160,000 Target Possible If | Crypto News
The Bitcoin market suffered a heavy crash on Friday after US President Donald Trump confirmed plans to place a 100% tariff on Chinese items. The deliberate order, which was in response to an initial export tax order by the Asian superpower, shook financial markets globally, ensuing in whole crypto liquidations of $19 billion.
However, the market has stabilized in the past few hours with Bitcoin costs now consolidating around $111,000. While traders await the next price motion, a distinguished analyst with the X username PlanD has shared two important circumstances for the next bullish wave.
2 Important Bitcoin Levels To Watch – Analyst
In a current X post on Saturday, PlanD shares an up to date technical analysis of the Bitcoin market following current volatility in the market. The analyst explains that the macro-induced crash on Friday resulted in a heavier market correction than anticipated, pulling costs to around $109,600. Notably, this area, which is the decrease boundary of a symmetrical triangle on the daily chart, acted as an efficient price assist, confirming the technical backside of the price crash.
Importantly, PlanD notes that the current price drop doesn’t signify a break in Bitcoin’s broader bullish pattern, but reasonably serves to flush out extreme altcoin leverage in the futures market. In addition to the symmetrical triangle sample, the Bitcoin chart also presents a bull flag sample, both of that are bullish formations that stay legitimate.
With extreme leverage cleared and funding charges normalizing, Bitcoin might regain stability and appeal to shopping for curiosity that might launch another upswing. However, the crypto analyst explains that one crucial condition to sustaining this bullish construction is that Bitcoin bulls must keep price above the psychological assist stage of $109,600.
Thereafter, the premier cryptocurrency must also reclaim a key resistance zone $115,900 – $117,000, thereby reinforcing its bullish intent and the viability of both bullish formations. In this case, PlanD ideas Bitcoin to race to the symmetrical triangle price goal at $134,000 and the bull flag goal at $160,000, respectively, representing a potential price gain of 21% – 45%.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $111,700 following a 0.31% price fall in the last day, following the current flash crash. Meanwhile, the asset’s daily trading quantity is down by 49.75% and valued at $88.74 billion.
PlanD is backing Bitcoin’s long-term bullish potential, having described the macro-induced crash as a “precursor” to a major price takeoff, as seen in March 2020. With a market cap of $2.21 trillion, Bitcoin retains its rank as the biggest cryptocurrency with a market dominance of 58.2%.
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