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Bitcoin price predictions include $117,000 next

Bitcoin By
Bitcoin price action weakens amid surprising US employment data.
Bitcoin price action weakens amid surprising US employment data.

Important points

  • Bitcoin traders explain the BTC prices that are key for a bullish rebound.

  • There is a risk that a “double top” If support fails, $102,000 is still on the radar.

  • The Bitcoin bull market does not have much time left — if history is a guide.

BitcoinBTC() reached $113,000 following the Wall Street Open on Wednesday as investors sought to solidify a positive market trend.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC’s price forecast hinges upon $112,000

Data from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Bitstamp recorded a high of $112 646, local currency.

Get up to $3,000 off multiweek lows BTC/USD continues to be a source of disagreement, just as it was the day before.

“$BTC has reclaimed its EMA-100 level,” BitBull, a popular online trader, wrote an article in which he explains how to make money. post on XThe 100-day moving exponential average is $110 850. 

“This has been very crucial for bottom formation, and for now bulls are still in control. If BTC holds this level, I wouldn’t be surprised to see a rally towards $116K-$117K level.”

Chart for BTC/USD using 100EMA. Source: Cointelegraph/TradingView

Roman is a fellow trader who, while maintaining a bullish bias this week, maintained he was a bearish. called time The $112,000 level is a significant milestone in the Bitcoin bull-market.

“Looks like a breakdown & bearish retest for now. If 112k support is truly lost, 102k support should be next. Also looks like a double top is confirming here,” He told X people will be following you on that day. 

“I expect lower over the next few days – unless we completely regain 112k support.”

Source: Roman/X

Rekt Capital is a popular analyst and trader. reiterated similarities The current BTC pullback is comparable to previous bull markets.

“History doesn’t always repeat but it often rhymes,” He summarized by confirming the price entered its second “price discovery correction.”

“Bitcoin ended up rallying into new All Time Highs by Week 6 before transitioning into Price Discovery Correction 2. History suggests this pullback will likely be shallower & shorter than past ones.”

BTC/USD one-week chart. Source: Rekt Capital/X

Does the time for bull markets expire?

Market participants are also divided on how long the bull market will last.

Related: Bitcoin can still hit $160K by Christmas with ‘average’ Q4 comeback

Rekt Capital is adamant that its October deadline be the final one. bearish trend change.

This contrasts hopes that the next Bitcoin bear market is still years off — a view put forward David Bailey, the Bitcoin expert who advises US President Donald Trump.

“There’s not going to be another Bitcoin bear market for several years,” Bailey argued X was on at the weekend and pointed out BTC’s institutionalization as an asset.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.