Crypto analyst TradingShot just lately mentioned the Bitcoin worth rejection at $99,000, offering insights into whether or not this was short-term or marked the top of the bull rally. His evaluation indicated that this worth rejection was short-term and that Bitcoin would nonetheless attain the $100,000 mark and probably surpass it.
Bitcoin Value Rejection At $99,000 Seemingly Non permanent
In a TradingView post, TradingShot steered that the Bitcoin worth rejection at $99,000 is probably going short-term. As to what may have precipitated this worth rejection, the analyst famous that this may very well be because of the exhaustion of the post-election euphoria, because the market has absolutely priced into the truth that pro-crypto Donald Trump would be the subsequent US president.
The analyst added that there’s additionally the psychological weight of the $100,000 barrier, probably as a result of traders are likely to take revenue round such ranges. From a technical evaluation perspective, the analyst defined what may very well be inflicting this Bitcoin worth rejection on the $99,000 stage.
TradingShot highlighted a Fibonacci channel that has been occurring by means of the last three cycles, together with this one. He famous that this sample began with a robust rebound that fashioned the December 2013 high for the Bitcoin worth. That cycle high was on the 0.236 Fib stage of the cycle, which is a stage that has rejected rallies throughout subsequent cycles.
This Fib stage rejected the Bitcoin worth uptrend on November 22 and is performing as this ‘1st Actual Resistance of the Bull Cycle.’ TradingShot said that is the primary main rejection stage a bull cycle faces earlier than the eventual market high. The analyst added that the excessive over the past two cycles has been on the 0.0 Fib stage, which is technically on the high of this channel.
The analyst’s accompanying chart confirmed that the goal on the high of this channel for the Bitcoin worth is above $200,000. Nonetheless, TradingShot talked about that the purple spot on the present cycle in late 2025 doesn’t characterize a projection however is just an illustration for comparability functions.
When The Market High Might Occur
TradingShot additionally supplied insights into when the Bitcoin worth could top on this market cycle. The analyst famous that the previous bull cycles have been roughly 150 weeks (1050 days). Due to this fact, a repeat of this sample would imply that the Bitcoin high for this cycle may come round late September or early October.
The analyst said that it’s a lot better to attempt to time the market high and promote slightly than put an precise price ticket on it. TradingShot added that regardless that the Bitcoin worth is on a technical rejection, the present rally began on the August 5 low, which is precisely within the 1-week 50-day moving average. So long as this trendline holds, the analyst remarked that the cyclical bullish wave ought to keep intact.
Featured picture created with Dall.E, chart from Tradingview.com
