Uncertainty lingers around Bitcoin’s next price trajectory as the general crypto market undergoes a robust whirlwind triggered by political events, economic shifts, and waning investor sentiment. However, there is still a chance that the asset might experience a rally soon, but there is a catch.
Bitcoin Price Major Upswing Hinges On This Level
Following several weeks of downward pressure, Bitcoin might be gearing up for a significant rally in the upcoming weeks. Daan Crypto Trades, a market expert and investor, foresees a resurgence in price to new highs once BTC overcomes the ongoing market volatility.
While the expert predicts a rally to a new all-time high, he has outlined a key support level at $90,000 that will play a vital role in the anticipated major rally. With bulls maintaining this level, BTC may acquire the strength required to break past previous highs, indicating its potential long-term upward trend.
In recent performances, BTC has witnessed a lot of volatility around this pivotal price point. Presently, the flagship asset is trading below the previous range low of the $90,000 mark, but remains above the daily 200 Moving Average/ Exponential Moving Average (200MA/EMA).
Considering the development, this implies that the market is incredibly indecisive at this point after all of the news that has to be processed. Even though Bitcoin’s market dynamics remain significantly undecisive, the expert is confident that any move that occurs from here will be decisive for the next weeks of trending price movement.
According to Daan Crypto Trades, BTC’s rebound and hold above the $90,000 mark will reignite bullish momentum, allowing the asset to reclaim its all-time high. The much-awaited upsurge would be consistent with prior consolidations, retakes, and range breakdowns.
However, a drop and hold below the $80,000 level would signal a strong price weakness and can be a wick. Under such circumstances, the analyst believes that BTC could be targeting the previous range high test at $74,000.
Although this analysis is not the expert’s main scenario for BTC, it is one to consider as the price fluctuations continue. In the meantime, he outlines a close monitoring of these levels since it will reveal the market’s next direction.
Significance Of The $64,000 Price Range
BTC has fallen sharply, revisiting key support levels due to the ongoing market volatility. Technical and verified author for CryptoQuant, Darkfost, noted that Bitcoin is drawing close to the realized price of the 3 to 6-month holding cohort, which is projected at approximately $83,000.
Should BTC’s price drop below this range, these holders would try to defend their positions by lowering their realized price. Meanwhile, the $64,000 range is the next group support level, corresponding to the realized price for the 6 to 12-month holders.
Featured image from Unsplash, chart from Tradingview.com
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