Bitcoin investors are eagerly anticipating the potential for volatility as the new trading week begins, with all eyes on the weekly candle close. After a weekend of consolidation, Bitcoin could be gearing up for a breakout that could propel the price beyond current levels.
Taking a step back and looking at the bigger picture, Bitcoin’s price action is part of a larger cycle that began in late 2022. According to the Elliott Wave theory, the market has gone through multiple waves, with the current cycle potentially nearing its end. The completion of wave five could signal another high before a significant correction takes place.
In terms of short-term price action, Bitcoin has been consolidating with little movement over the weekend. Key support levels are identified between $95,900 and $96,530, with confirmation of further upside if Bitcoin surpasses the $98,500 level. Resistance levels at $99,000 and $100,200 are crucial for determining the next move.
Looking at key Fibonacci levels, the next major resistance target for Bitcoin is around the $30,000 region. This level holds significance and could mark the final push in the current cycle. However, even if Bitcoin reaches this milestone, a larger correction could follow.
A recent CNBC interview with Jim Cramer, host of “Mad Money,” shed light on Bitcoin’s potential future price movements. Cramer recommended $90,000 as a key entry point for new investors, emphasizing the long-term potential of Bitcoin as a solid investment. Despite the current price levels, Cramer believes that Bitcoin still holds promise for those looking to enter the market.
As Bitcoin continues to navigate through its current cycle, investors and traders are closely monitoring key levels and indicators for signs of potential price movements. The market sentiment remains optimistic, with the potential for Bitcoin to break out and reach new highs in the near future.