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Bitcoin’s Path to $340,000: Essential Support Levels to Watch
A renowned crypto analyst, known as PlanD, has recently expressed confidence in Bitcoin’s ability to continue its upward trajectory, despite a recent downturn in its market price. Critical to Bitcoin’s future success, according to PlanD, is its ability to hold above specific key support levels. The crypto expert suggests that if Bitcoin can maintain these levels, it is poised to reach as high as $340,000.
Key Support Zone Critical for Continued Bullish Momentum
In a detailed analysis shared on May 31, PlanD highlighted the potential for Bitcoin to re-enter a phase of price discovery, despite a recent pullback from its all-time high of $111,970. The cryptocurrency has momentarily dipped below $104,000, raising concerns about a more extended bearish downturn. However, PlanD points to a significant chart pattern that could indicate upcoming gains: a three-year giant cup and handle formation. This pattern is traditionally viewed as a bullish signal.
The formation began with a drop from its previous peak of $69,000 in November 2021, followed by a period of stabilization and recovery that continued until March 2024. This recovery set the stage for the handle portion of the pattern, which played out from March to October 2024, culminating in a breakout above the critical $76,000 neckline in November of the same year. From this breakout point, Bitcoin’s price surged to approximately $112,000.
PlanD stresses that the integrity of this bullish pattern depends on Bitcoin’s ability to stay above the crucial support zone between $91,000 and $100,000. Should Bitcoin remain stable above this range, the current retracement might simply serve as a setup for a significant bullish run.
Current Market Conditions and Future Outlook
As of the latest updates, Bitcoin is trading at $104,739, showing a modest increase of 0.64% over the past day. This recovery comes alongside a notable 31.28% increase in daily trading volume, now at $40.03 billion. To dispel any bearish outlook, Bitcoin needs to revisit and potentially exceed its recent high at $111,970. Resistance levels at $106,000 and $109,000 will be critical milestones for Bitcoin to overcome in this endeavor.
Bitcoin enthusiasts and investors can keep abreast of the latest developments and detailed market analyses by visiting [Financier News](https://www.financier.news/). For those interested in broader cryptocurrency trends and trading opportunities, more information can be found on [Binance](https://www.binance.com/).
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