Bitcoin's Path to $130k: Can It Hit the Target?

user avatar

by Giorgi Kostiuk

2 years ago

The current market analysis for Bitcoin shows it nearing the $104k level with potential targets higher up. The article discusses potential price movements and key support levels.

Price Trends and Wave Analysis

The current price action suggests a potential wave four pattern. Previous cycles have shown similar patterns, with a strong focus on reaching the $130k target. There is speculation that prices could rise to $170k or even $190k.

Expected Price Increase and Risks

Bitcoin is expected to continue its upward movement, but risks increase as it approaches the $130k target. The likelihood of higher prices hinges on the expected 4-5 wave pattern. Analyst Josh from Crypto World compares the current situation to Bitcoin's price action four years ago. He also suggests the next price target to be around $113,000 based on the 261.8% Fibonacci extension.

The next price target for Bitcoin would be around $113,000, based on the 261.8% Fibonacci extension.Josh of Crypto World

Support Levels and Market Structure

The analyst identified several support levels on smaller time frames, such as the $97,000–$98,000 range, where Bitcoin has shown strong support in recent days. These levels could serve as a cushion in case of any pullbacks. The MACD indicator continues to show bullish trends, though there is a slight decrease in bullish momentum in the short term.

The current market situation for Bitcoin suggests potential for further growth despite existing risks. Investors are closely monitoring key levels and market indicators.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Polygon Labs Completes Acquisition of Coinme

Polygon Labs has finalized its acquisition of Coinme, enhancing its payment capabilities with numerous state licenses.

user avatarArif Mukhtar

Bitcoin Open Interest Sees Slight Decline While Funding Rates Remain Positive

A recent snapshot of the Bitcoin derivatives market revealed that open interest has decreased by 0.69% over the past 24 hours, now standing at 768 billion. Despite this decline, the funding rate remains positive at 0.00035 per eight-hour interval, suggesting that long positions are still willing to pay shorts on perpetual contracts.

user avatarMaria Gutierrez

French Lawmakers Approve Amendment on Crypto Taxation

French lawmakers have approved an amendment to the 2027 budget that changes the taxation of gains when converting cryptocurrencies to stablecoins.

user avatarDavid Robinson

US Spot Ethereum ETFs Face Major Withdrawals Amid Market Shifts

US spot Ethereum ETFs faced net withdrawals of $3.201 billion in mid-October, surpassing Bitcoin fund withdrawals.

user avatarAndrew Smith

Richard Heart Detained in Istanbul Linked to Finnish Tax Investigation

Richard Heart, founder of HEX and PulseChain, has been detained by Turkish authorities in connection with a Finnish tax investigation.

user avatarJacob Williams

TD Cowen Increases Strive's Share Price Target Amid Bitcoin Holdings Surge

TD Cowen analysts raised Strive's share price target from 44 to 56 due to significant expansion of Bitcoin holdings to 35,595 BTC, noted in a research update on October 16.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.