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Bitcoin price predictions include $117,000 next

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Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup
Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup

The following are key 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.

BitcoinBTCAfter Wednesday’s Wall Street opening, buyers were looking to consolidate a rebound in the market.

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

BTC Price Outlook hinges on $112,000

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView Bitstamp reached a local record of $112 646.

Get up to $3,000 off multiweek lows BTC/USD, as seen on the previous day, continued to divide opinions about where it could go next.

“$BTC has reclaimed its EMA-100 level,” Popular trader BitBull has written in A post on XReferring to the moving average of $110,850 for 100 days. 

“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 of BTC/USD with 100EMA. Source: Cointelegraph/TradingView

Roman, a trader friend, has maintained his bearish bias throughout this week. 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 Followers on the Day 

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

Source: Roman/X

Rekt capital, the popular trader and analyst, is also a part of this group. reiterated similarities There is a difference between current BTC prices and 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

The bull market is about to run out of time.

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 is the Bitcoin advisor to US President Donald Trump.

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

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.