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Is Bitcoin Set for a Massive Rally to $120,000?
Amid an online squabble between former US President Donald Trump and business magnate Elon Musk, Bitcoin news highlights the cryptocurrency’s resilience. Recently, Bitcoin’s value dipped to a one-month low, nearing the $100,000 support level. Despite these challenges, market experts are now predicting a significant upward move towards a new all-time high, potentially reaching $120,000.
Recent Market Volatility and Recovery
In the past 24 hours, Bitcoin has shown remarkable volatility, primarily influenced by the Trump-Musk feud. After a sharp 5% decline, pulling back from $105,000 to the $100,000 mark, Bitcoin is fighting back. The cryptocurrency had been striving to regain its mid-range levels following a substantial rally to $111,980. Yet, it momentarily lost crucial support at $106,800, causing a drop to around $102,000. Recovering from these setbacks, Bitcoin surged by 4.5% yesterday, surpassing the $104,000 mark.
Analysts Predict ‘Real Breakout’
Crypto trader Coinvo pointed out a pattern on Bitcoin’s one-year chart, suggesting a repeat of the 2024 rally. Similarly, analyst Alex Clay believes Bitcoin is gearing up for a “real breakout” after a false breakout last month and repeated tests of mid-zone resistance. Clay anticipates a climb toward the $120,000 threshold soon.
Short-Term Price Movements and Predictions
The Cryptonomist noted a bullish falling wedge formation on Bitcoin’s three-week chart, with potential for a breakout if it can solidify support at $105,000, aiming for between $118,000 and $120,000. Market analyst Daan Crypto Trades mentioned Bitcoin’s positioning at mid-range levels again, suggesting that the early monthly movements are indicative of more significant trends. He cautioned that a drop below recent lows could signal a further downward trend for a couple of weeks.
However, surpassing monthly highs around $106,700 could signify the end of the correction phase, propelling Bitcoin to new heights. For now, Bitcoin trades at $104,224, marking a 2.6% increase today.
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