Bitcoin’s price is currently going through a correction phase below $100,000, with a 1.93% decline in the past 24 hours. Despite this, crypto analyst Titan of Crypto believes that Bitcoin is still on track to reach $110,000. The cryptocurrency previously reached a peak of $108,135 on December 17 but has since been correcting, currently sitting about 12% below this level. The price even briefly dropped to $92,600 on December 23, representing a 14.36% decline from the all-time high.
While Bitcoin has shown some recovery, it is still struggling to break above the $100,000 mark. Titan of Crypto remains bullish on Bitcoin in the long term, seeing the $110,000 price level as inevitable. He views the current correction phase as a necessary consolidation before Bitcoin’s next upward movement. However, there is still a possibility of further declines, with $87,000 being the key support level to maintain bullish sentiment among holders.
Technical analysis reveals a cup and handle pattern in Bitcoin’s price action. The pattern emerged after breaking out of the neckline, with bullish momentum building throughout the 2022 bear market, 2023 recovery, and 2024 bull market. Recent price action in October and November saw Bitcoin breaking above the neckline, setting the stage for a potential bullish run. Titan of Crypto had previously set a price target of $110,000 following the breakout, which is still in play despite the recent correction.
Bitcoin is currently trading at $95,906, with the $110,000 target representing a 15% return on investment from the current price. Another analysis by Titan of Crypto on social media platform X suggests that $120,000 could be the peak for Bitcoin in this cycle based on Fibonacci Circle analysis. This projection differs from other analysts’ forecasts, which range from $250,000 to $1 million. The future price trajectory of Bitcoin remains uncertain, but many analysts are optimistic about its potential for further growth in the long term.
In conclusion, Bitcoin’s price is currently undergoing a correction phase below $100,000, but analyst Titan of Crypto remains bullish on its trajectory towards $110,000. The cryptocurrency has shown resilience despite short-term fluctuations, with technical analysis pointing to a cup and handle pattern that could lead to further bullish momentum. While there is a possibility of more price declines, key support levels are in place to maintain a positive outlook for Bitcoin. As the market continues to evolve, predictions and projections for Bitcoin’s price vary among analysts, highlighting the uncertainty but also the potential for significant growth in the long term.
