- Bitcoin could hit $118,940.75 or fall to $95,763.03 this month, based on key historical trends.
- The first Bitcoin pivot occurs within the first 9 days, 64.4% of the time, signaling price direction.
- Key targets for this month are $118,940.75 for bullish momentum and $95,763.03 for bearish movement.
Bitcoin is expected to undergo a significant price change in the upcoming month, potentially reaching $118,940.75 or declining to $95,763. 03. Analyst Jip Molenaar has highlighted the monthly price development of Bitcoin in the last five years. He identifies these important trends to show that a big price move is imminent.
Source: X
Over the last five years, Bitcoin has consistently placed its first monthly pivot, regardless of whether it is high or low, within the first half of the month. Remarkably, the first pivot has been achieved in the first 9 days, 64.4% of the time. This consistency provides insight into where Bitcoin is headed by the end of the month, particularly since the first two pivots have already been observed.
Source: X
This month, Bitcoin had its initial pivot on the 5th at the low and the second pivot on the 9th that constituted the high. When one of these pivots breaks, it has a 98.3% likelihood that the other pivot will last the rest of the month. This is an indication that Bitcoin is at an important level at which it can start experiencing a strong price movement.
Bitcoin Support and Resistance Levels
A table of the displacement data of Bitcoin suggests that the price action of the current month has little difference relative to prior months. Over the past five years, Bitcoin has experienced significant movement, presenting a substantial opportunity for both upward and downward movements. A breakout above the high may result in a steep uptrend reversal, and a breakout below the low is likely to result in a steep downtrend.
The bullish goal of BTC this month is at $118,940.75, and the bearish target is at $95,763.03. The bullish target is equal to the -2 to -2.5 price level, and the bearish target is central sell-side liquidity. These targets act as important support and resistance, which traders can track to identify the direction of the price of BTC in the rest of the month. As of press time, BTC is trading at $104,621, with a 24-hour trading volume of $58.34 billion.
As BTC falls through these critical areas, traders are advised to maintain vigilance. A major price action is anticipated, and the trend that BTC assumes will considerably rely on whether it surpasses the previous high or low set earlier in the month.
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