Bitcoin Price Surge: Aiming for $99.3K Before Possible Retrace
Bitcoin's price has been experiencing significant upward momentum, recently breaking through the critical $95.8K resistance level.
According to Tara, an analyst in the crypto space, Bitcoin's next target is expected to be around $99.3K before any retracement. This is seen as a crucial phase to prevent the price from dipping below key support levels.
The analyst also points out that this could be part of a larger upward trend, with a potential final target at $103K.
The movement comes after a period of consolidation and slight bearish trends, which some analysts had anticipated. However, Tara remains optimistic, stating that Bitcoin is still in a strong position.
With a focus on the $99.3K level, there’s the expectation that a retrace could occur after reaching this target. If this happens, it will be crucial for Bitcoin to maintain support at $90K to avoid a more significant downturn.
Key Support Levels and Fibonacci Retracement Adjustments
As Bitcoin continues to climb, it is crucial to monitor support and resistance levels closely. The current support zone is set at $90K, with many experts noting that if Bitcoin drops below this level, it could signal further price weakness.
Conversely, if Bitcoin manages to hold above this level, it will be positioned to continue its rally. Fibonacci retracement levels are constantly being updated as the price rises, allowing traders to track key price levels for potential reversals.
Tara also highlights that the Relative Strength Index (RSI) is currently in a strong position, which could indicate that Bitcoin still has room to grow in the short term. As Bitcoin approaches the $99.3K mark, the RSI could signal whether the asset is overbought or if there is potential for further growth before a retracement occurs.