Bitcoin Tipped For $340,000 Target If This Support | Crypto News

Bitcoin Tipped For $340,000 Target If This Support | Crypto News

A distinguished crypto analyst with X username PlanD has backed Bitcoin to keep its uptrend despite some vital price retracement in the previous week. Notably, PlanD states the premier cryptocurrency stays on course for a $340,000 price level but only if a particular assist zone stays legitimate. 

Bitcoin Bullish Momentum Hinges On $91,000 – $100,000 Support Structure

In an X post on May 31, PlanD outlined Bitcoin’s potential to soon re-enter price discovery mode regardless of the latest price dip. Since hitting a new all-time high at $111,970, the flagship cryptocurrency has slipped into a minor corrective part, forcing market costs to go below $104,000.

However, PlanD explains that Bitcoin’s price motion has a 3-year giant cup and deal with sample that postulates the digital asset is set for immense price beneficial properties in the present bull cycle. The cup-and-handle sample is a common chart sample that indicators a bullish continuation in price motion.

As illustrated in the chart above, the cup is shaped Bitcoin’s crash from its earlier all-time high at $69,000 in November 2021 adopted by a stabilization and restoration period which lasted until March 2024 when Bitcoin returned to the identical price degree. 

This is adopted by the deal with which is the descending channel as seen from March 2024 to around October 2024 before Bitcoin achieved a decisive price breakout above the neckline of $76,000 in November 2024. Despite registering spectacular strides from this price level to around $112,000, PlanD notes that the Cup-and-Handle sample suggestions Bitcoin to hit a price goal of $340,000 before 2025. 

Amidst the continued retracement, the analyst states that this bullish construction stays in place as long as Bitcoin stays above the assist price zone of $91,000-$100,000. Provided the premier cryptocurrency doesn’t fall below this price degree, the continued correction is anticipated to serve as mere pullback in preparation for a main upswing.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $104,739 following a minor price gain of 0.64% in the previous day. Meanwhile, the asset’s each day trading quantity is valued at $40.03 billion following a 31.28% increase in the previous day. 

Despite this slight price increase in the previous day, Bitcoin should return to its present all-time high at $111,970 to neutralize any present bearish potential. However, the premier cryptocurrency will face acquainted resistances at the $106,000 and $109,000 to obtain this job. 

Stay up to date with the newest trending crypto information! Visit our web site each day for the freshest Crypto information and content material, rigorously curated to keep you knowledgeable.