While Bitcoin is going through a consolidation phase, some experts believe that the cryptocurrency could face further correction following the downward pressure.
Kevin, the prominent crypto analyst, says Bitcoin might face correction under certain conditions. According to him, Bitcoin’s recent price movement suggests that the ongoing correction may not yet be over, with critical resistance levels of $102,000 unbroken.
Literally at the exact same price as 3 days ago. Yes this is still my thesis also. Until we break back above that major area I have pointed out and USDT Dominance breaks down from 3.70% then we should proceed with caution and assume the correction can go lower when we are… https://t.co/BahmQEoDM1
— Kevin (@Kev_Capital_TA) December 26, 2024
The analyst highlights 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 risks maintaining a bearish structure, keeping investors cautious.
A decisive move above $102,855 is crucial to invalidate the possible lower high formation, which could ignite a bullish recovery.
Crucial Support Levels of Bitcoin
Bitcoin’s price movement continues to gain attention as bulls aim to breach the psychological $100,000 level. According to crypto analyst Trade PSH, the local maximum currently stands at $99,450, with repeated attempts to push higher.
Key support levels identified are between $95,000 and $96,000. It is crucial for the cryptocurrency to maintain its value above this level for BTC’s continued uptrend.
If BTC breaks the $100,000 mark, new intermediate targets will be $102,000 and $102,757. Trade PSH predicts a possible rally to $108,366, marking a new all-time high. It means the cryptocurrency might break the previous record of $108,268. However, a drop below $94,300 would invalidate this bullish setup.
As the crypto market enters the brand new year 2025, the cryptocurrency might witness further growth and pro-crypto policies under Donald Trump’s administration.
Also Read: KULR Buys $21M Bitcoin Following MicroStrategy’s BTC Strategy
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