- A final surge in Bitcoin’s price is expected before the long-anticipated bear market begins, offering a last chance for profit.
- Bitcoin’s new CME gap at $96,900 may take longer to fill, potentially triggering a surge towards $97,000.
- Despite bearish divergence, Bitcoin’s long-term target remains between $130k and $160k, aligning with past bull runs.
Bitcoin is nearing another crucial level, as experts believe that it will sustain a final surge before a long-awaited bear trend. This indicates a small decrease in the cryptocurrency’s price and then a sharp increase in its price. This might just be the last wave of BTC current boom/bust cycle, so it could be the last chance to make money during this period.
Bitcoin CME Gap Emergence
A CME gap emerged after the price reached $96,900. The usual duration for gap closure stands at 48 hours; however the present gap shows signs of requiring extended time until its completion. The fundamental outlook holds a positive stance about BTC reaching higher prices despite recent developments. The future gap-filling operation has potential to propel the BTC price beyond its current value to approximately $97,000.
Source: X
The BTC price recently broke a crucial support level that was also a resistance level earlier. This has resulted in the formation of an ascending, broadening wedge pattern in the prices, as shown below. While the majority of traders take it as a sign of going short, the traders considers it the best time to go long at the support levels.
In addition to temporal growth and fluctuations, several factors influence Bitcoin’s price dynamics. Currently, the weekly chart shows a triple bearish divergence that, if breached, will likely end the bull run for Bitcoin. However, as long as Bitcoin continues to trade above these levels, the bulls will still be active. Their top-end target for Bitcoin’s high is between $130k and $160k, which aligns with previous bull runs.
Source: X
Ethereum’s Potential Reversal
However, overall interest remains small, and Ethereum could already be in the process of bottoming, meaning it has started to turn around. Despite this, its usage is expected to rise with the emergence of a new Pectra upgrade that focuses on enhancements in staking and account abstractions. As adoption keeps on rising, the chances of Ethereum burst into more rallies are high, and thus, it should be closely monitored among the altcoins.
Source: X
The short-term fluctuations influence the cryptocurrency, but maintains a long-term bullish stance on Bitcoin. Despite this, the last phase of the bull market may still be in front of the market, as indicated by trends happening in the market. Cryptocurrency could make its way to the stretch of $130,000 up to $160,000 before entering a bear market. The recent price movements should also be monitored especially the support levels, which define the direction of the bitcoin prices in the subsequent weeks.
Read More: Is Bitcoin Set for a $97K Surge? Key Price Levels to Watch!