Crypto analyst TradingShot just lately mentioned the Bitcoin worth rejection at $99,000, offering insights into whether or not this was non permanent or marked the top of the bull rally. His evaluation indicated that this worth rejection was non permanent and that Bitcoin would nonetheless attain the $100,000 mark and probably surpass it.
Bitcoin Price Rejection At $99,000 Likely Temporary
In a TradingView post, TradingShot prompt that the Bitcoin worth rejection at $99,000 is probably going non permanent. As to what might have precipitated this worth rejection, the analyst famous that this might be because of the exhaustion of the post-election euphoria, because the market has totally 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 buyers are inclined to take revenue round such ranges. From a technical evaluation perspective, the analyst defined what might be inflicting this Bitcoin worth rejection on the $99,000 degree.
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 shaped the December 2013 high for the Bitcoin worth. That cycle high was on the 0.236 Fib degree of the cycle, which is a degree that has rejected rallies throughout subsequent cycles.
This Fib degree rejected the Bitcoin worth uptrend on November 22 and is appearing as this ‘1st Real Resistance of the Bull Cycle.’ TradingShot said that is the primary main rejection degree a bull cycle faces earlier than the eventual market high. The analyst added that the excessive over the last two cycles has been on the 0.0 Fib degree, 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. However, TradingShot talked about that the purple spot on the present cycle in late 2025 doesn’t symbolize a projection however is solely an illustration for comparability functions.
When The Market Top Could Happen
TradingShot additionally offered 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). Therefore, a repeat of this sample would imply that the Bitcoin high for this cycle might 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 relatively 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. As lengthy 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
