Bitcoin's price movements have made traders consider two opposing scenarios: a breakout to $140,000 or a deeper correction to $60,000.
Critical Price Breakout Levels
Crypto analyst Big Mike sees a clear roadmap for Bitcoin's price trajectory. In a recently published Elliott Wave chart, he outlines two potential outcomes: a breakout above $95,000 that could push BTC to $140,000, or a dip to $72,895 before resuming an uptrend. His analysis is based on multiple Fibonacci extension targets, moving averages, and a five-wave impulse structure.
Warning of Possible Decline
Not all analysts share the bullish sentiment. TradingView analyst Alixjey predicts that Bitcoin could crash as low as $63,000 if it fails to break past $99,500. He notes that Bitcoin's latest drop below $90,000 surprised many traders expecting a continued rally. If resistance between $94,000 and $98,000 holds, he expects BTC to decline sharply. The last time Bitcoin traded in the $60,000 range was after the launch of spot Bitcoin ETFs in early 2024.
Trump's Plan and Market Impact
President Donald Trump's executive order establishing a U.S. strategic Bitcoin reserve has triggered mixed reactions. Farside Investors noted $370 million in net outflows from Bitcoin ETFs on March 7 as institutional traders reacted to the news. Bitwise research head Ryan Rasmussen sees this as a long-term bullish signal. Market sentiments remain divided: uncertainty persists, but it could prompt other countries to purchase Bitcoin.
Bitcoin remains in a critical range between $72,000 and $95,000. Analysts remain split on whether BTC is on the verge of a rally or a major correction. All eyes are on whether Bitcoin can reclaim $95,000 or risk a plunge toward $60,000.
