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Bitcoin News: Bullish Sentiments Prevail Despite Correction
In recent bitcoin news, the cryptocurrency has experienced a significant retracement after reaching a high above $111,000 in May, now trading under $105,000. This price action has sparked a debate among investors, with some viewing the downturn as a weakening trend, while others interpret it as a standard bullish correction. Crypto analyst MasterAnanda, for instance, argues that Bitcoin retains a strong structural foundation capable of achieving new heights, although he doubts it will hit the speculated $200,000 mark this cycle.
MasterAnanda’s Analysis: A Realistic $137,000 Target
MasterAnanda suggests that Bitcoin is still in a bullish pattern, but a $200,000 peak seems unattainable in the current cycle. Instead, he projects a more realistic target of $137,000 once Bitcoin rebounds from its current correction. He identifies the formation of a higher low on a larger time frame as crucial for confirming Bitcoin’s ongoing macro uptrend, pinpointing $88,888.88 as the ideal retracement level. This level aligns with the Fibonacci 0.618 level and remains well above the previous bottom of $74,500 recorded on April 7.
Despite the sell-off, MasterAnanda maintains a positive outlook, boldly claiming, “Bitcoin will never ever trade below $80,000 in its history again.” He notes that if Bitcoin maintains above $100,000 to $102,000, the current retracement should be seen as minor, with the overall market movement still indicative of a bullish continuation.
RLinda Supports Bullish View with Key Support Levels
Adding to MasterAnanda’s analysis, trader RLinda highlights Bitcoin’s delicate recovery, emphasizing the importance of the $102,000 and $101,400 support zones. Her analysis points to the recent peak at $110,000 as a false breakout, suggesting that the current decline might be a correction driven by liquidity rather than a complete trend reversal. She also mentions that the future market direction will likely become clearer if Bitcoin can retest the resistance zone between $106,000 and $108,000.
However, she cautions that failing to maintain the $101,000 support level could trigger a more significant sell-off, potentially pushing Bitcoin toward a new local bottom.
As of now, Bitcoin is showing a slight recovery, trading at $104,290, up by 0.5% in the last 24 hours. For more detailed insights and updates on Bitcoin and other cryptocurrencies, visit [Binance](https://www.binance.com/).
For further financial insights and news on a broad range of topics, check out [Financier News](https://www.financier.news/).
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