Bitcoin is currently facing a consolidation phase, with experts predicting a possible further correction in the cryptocurrency. Kevin, a well-known crypto analyst, believes that Bitcoin may experience a correction under certain conditions. He points out that the ongoing correction may not be over yet, as critical resistance levels of $102,000 have not been broken.
Kevin emphasizes the importance of Bitcoin reclaiming the 4-hour 200 Simple Moving Average (SMA) and breaking a key trend line of resistance to signal the end of the currency downturn. Without these confirmations, the market could continue to maintain a bearish structure, making investors cautious. A decisive move above $102,855 is essential to invalidate the possible lower high formation and potentially ignite a bullish recovery.
The focus is on Bitcoin’s crucial support levels as bulls strive to breach the psychological $100,000 mark. Trade PSH, another crypto analyst, highlights that the local maximum currently stands at $99,450, with repeated attempts to push higher. Key support levels between $95,000 and $96,000 are essential for Bitcoin to maintain its value and continue its uptrend. If Bitcoin manages to break the $100,000 mark, new intermediate targets include $102,000 and $102,757, with a potential rally to $108,366, marking a new all-time high. However, a drop below $94,300 would invalidate this bullish setup.
Looking ahead to the year 2025, the cryptocurrency market may witness further growth and embrace pro-crypto policies under the administration of Donald Trump. As Bitcoin continues to capture the attention of investors and analysts, the possibility of setting new all-time highs remains a focal point. With various experts predicting different scenarios for Bitcoin’s price movement, the market is likely to see continued volatility in the coming months. Investors and traders are advised to remain cautious and monitor key support and resistance levels closely to make informed decisions.
