rear A big rebound this week Analysts suggest that Bitcoin (BTC) is currently poised to test its previous resistance level near $80,600. According to market expert Tara’s technical analysis, Bitcoin structure remains bullishdespite the continued downtrend, technical indicators point to further upside. He identified potential price targets that could be achieved if momentum continues and outlined disablement zones that traders should keep a close eye on.
Bitcoin tests key resistance after double dip
Tara on Monday’s X post noticed Following last week’s massive price crash, Bitcoin is reportedly forming a classic double-dip near $74,000. He noted that the cryptocurrency has now moved back upwards from that zone and is steadily approaching the next resistance level.
Tara said the market is entering its final stages. Long straightening cycle. As a result, she outlined her expectations for BTC’s next move and presented both bullish and bearish scenarios depending on how the cryptocurrency’s price reacts to key resistance levels.
Analysts predict three steps. First, Bitcoin is expected to rise towards the wave A resistance level near $80,600 on the chart. After that, she expects the cryptocurrency to experience a slight retracement to $77,600. Following this pullback, Tara believes BTC could see what’s next. bullish reversal and back over the $80,000 area. She predicts a rise towards the 0.382 Macro Fibonacci level, which is also roughly in line with $83,700.
Tara’s projections don’t stop there. She believes that after this initial rally to $83,700, BTC could experience a final pullback targeting the macro 0.5 support level around $70,700. He identified this area as the 4th wave invalidation level and noted that it would not be surprising if Bitcoin tests this new low as support before entering the 5th wave.
Invalidation level and wave 5 predictions
When asked by a community member what the next move would be if Bitcoin falls further and the fourth wave is invalidated, Tara said: answered Even if Bitcoin were to target the second wave lows, it would still find and hold support at $70,700. She believes that virtual currency will inevitably Test the $100,000 levelit will be a defining moment for cryptocurrencies.
Analyst too share Her bullish targets for the fifth wave. She believes that once Bitcoin enters this final wave, That could jump to $150,000.. He added that if the cryptocurrency falls to the support level of $70,700, the wave 5 target will be slightly adjusted to $145,000, which would still be a new all-time high for BTC.
For now, Tara say Bitcoin is meeting support at all macro levels. He noted that it has already met the 0.236 and 0.382 Fibonacci support levels and is now targeting the last 0.5 Fibonacci support. The analyst also emphasized that Bitcoin’s 5th wave target of $150,000 remains unchanged from the 3rd wave high, confirming the cryptocurrency’s momentum. Long-term bullish outlook.
Featured image from Pixabay, chart from Tradingview.com
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