Bitcoin (BTC) continues to consolidate below the $65,000 mark, which serves as the new resistance level, with the market looking for the possibility of a price bottom that can act as an anchor to a new rally.
In line with this, cryptocurrency trading expert TradingShot shared insights on Bitcoin’s current state in a TradingView post on April 29, highlighting the imminent test of the bottom of the Bollinger Bands (BB) in the three-day timeframe.
This impending test, set for the first time in three months, indicates a tightening squeeze between the BB and bottom bases, historically signaling a bottoming out of prices.
According to the analysis, Bitcoin is facing a bullish bias. The crypto has exhibited a parabolic trend since its November 2022 lows, further underscoring the bullish sentiment.
Utilizing Fibonacci extension levels, the analyst noted that Bitcoin’s trajectory has been upward, with the recent record high in mid-March 2024 surpassing the 1.5 Fibonacci level. With a new bullish leg poised to commence, the trading guru suggested that reaching and potentially exceeding the 2.0 Fibonacci level is within the realm of possibility.
Bitcoin price analysis chart. Source: TradingView
Bitcoin’s possible 75% upside
Therefore, the market expert pointed out that these conditions set the foundation for a buoyant price target of $110,000, reflecting a possible increase of about 75% from the current valuation.
“$110,000 is a very realistic target under these conditions and we shouldn’t neglect to mention also the BB Width (BBW) consolidating on its bottom, which again is related to high bullish activity and accumulation when performed on the BB green line,” the expert said.
At the moment, Bitcoin bulls are struggling to keep the valuation of the flagship cryptocurrency above the $60,000 mark. Indeed, a section of market players have maintained that breaching this support could lead to a sustained correction.
Notably, as reported by Finbold, another crypto analyst, Alan Santana, suggested that Bitcoin could face capitulation as long as it trades below $64,560.
However, with the flagship crypto consolidating, there remains uncertainty as to whether it has reached its bottom. At the same time, notable market players are concerned about the current bearish sentiment plaguing Bitcoin, attributing the ongoing price movement to post-halving retracement.
Bitcoin price analysis
By press time, Bitcoin price today was trading at $62,241 with daily losses of almost 2%. On the weekly timeframe, BTC is down over 5%.
Bitcoin seven-day price chart. Source: Finbold
Meanwhile, with Bitcoin mainly consolidating, both bulls and bears are now paying attention to which side will take charge of the crypto.
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