The famous digital asset analyst at X Handle Crypto Patel stated that Bitcoin is currently re -testing decisive price resistance at the price area of $ 106,500. Based on the performance of the original at this level, BTC investors can expect a bullish price or a significant price decline.
After a summary rise exceeding $ 105,000 on May 12, Bitcoin has been in the range, indicating that there is no large price movement since then. However, the upward feelings are still high as it is clear by the United States BTC Spot ETFS that attracts approximately $ 2 billion in net weekly investments.
Bitcoin at a crossroads: Can the bulls pay 120 thousand dollars – or is the fall to 75 thousand dollars waiting?
in X post On May 16, Crypto Patel is involved in a simple technical analysis about bitcoin price movement, highlighting the current main support and resistance levels. According to the analyst, the latest price earning in Bitcoin explains that the original is to interrogate a critical resistance around the price zone of $ 106,500. It is worth noting that this resistance tape has proven effective in stimulating the rejection of prices in December and January. If Bitcoin Bulls is able to obtain sufficient demand in the market to subject this price barrier, Crypto Patel offers the first cryptocurrency will maintain its current rising direction at the initial price target at $ 120,000.
On the other hand, the other prices can harm the expectations of the current investors, because this negative development would impose prices on less than the 90,000 dollar support zone to trading less than the current market bottom at $ 75,000. This expected correction alludes to a possible decrease of 27.1 % of the current market price, despite the current strong emotions.
Interestingly, the RSI indicator shows that Bitcoin has recently decreased from the peak purchase area, thus supporting imminent price correction predictions. However, the total economic developments such as the 90 -day tariff between the United States and China, and strong levels of institutional investment, enhance the potential of the continued upward trend.
Bitcoin prediction
At the time of the press, bitcoin value is estimated at $ 103,355 after a decrease of 1.62 % last week. However, the monthly performance of the original reflects an increase of 21.46 %, indicating that most of the new market participants are still in profit.
According to the prediction site, CoincodexInvestors offer a high level of greed as shown in the Fear & Greed Index in 74. Coincodex expects to reach $ 127,872 in the next five days, followed by price correction, which will return to their prices to about $ 111,616.
For a long -term investment, analysts evaluate Bitcoin to evaluate 155,583 dollars in three months and 148167 dollars in six months.
