Bitcoin continues to build its position in the market, striving to hold above key levels. Experts analyze possible scenarios and support levels.
Current Market Situation on Bitcoin
Bitcoin traded at $109,250 after reaching $110,498. According to trader Daan, dropping below $108,000 could trigger a bearish trend. "You don’t want to see this deviate back below $108K again at this point."
Expert Opinions and Analysis
Many analysts are confident in a continuing uptrend for Bitcoin. For example, analyst Miles Deutscher stated, "It’s very hard to be bearish here." Other experts agree that breaking the all-time high of $111,960 could lead to a surge up to $116,000.
Future Prospects for Bitcoin
Daan noted that Bitcoin's current consolidation looks different from previous cycles. He believes that if Bitcoin drops back towards $108,000, it could result in a fall below $100,000. McKay Research’s founder James McKay also emphasized that prolonged consolidation periods deviate the market from its typical cycles.
Bitcoin is currently at a crucial level, and its ability to stay above $108,000 will be a determining factor for future market developments.
