PlanD, a prominent crypto-analyst with the X user name PlanD, has backed Bitcoin’s uptrend despite a significant price retracement over the last week. PlanD claims that Bitcoin is still on the right track for $340,000 but this will only happen if certain support zones remain valid.
Bitcoin Bullish Momentum Hinges On $91,000 – $100,000 Support Structure
Then, you can get in touch with us. X post on May 31, PlanD outlined Bitcoin’s potential to soon re-enter price discovery mode regardless of the recent price dip. The flagship cryptocurrency, which hit a record-breaking high of $111970 in May, has now entered a slight corrective stage, with the market price dropping below $104,000.
PlanD says that Bitcoin has shown a giant cup and handles pattern over a period of three years, which suggests that it is poised for massive price gains during the current bull market cycle. This is the cup-and-handle pattern Chart patterns that signal a continuation upwards in the price are common.
The cup formed by Bitcoin is the result of its crash in November 2021 from the previous high price at $69,000, followed by stabilization and recovery until March 2024. Bitcoin then returned to that same level.
The handle is the channel that descends from around March 2024 until October 2024, before Bitcoin’s price finally broke above $76,000 neckline in November 2024. PlanD states that even though Bitcoin has made impressive gains from the current price to approximately $112,000 PlanD also notes that this Cup and Handle pattern indicates Bitcoin could reach its price goal of $340,000 in 2025.
The analyst says that, despite this ongoing correction, the bullish trend will continue as long Bitcoin is above the price range of support between $91,000 and $100,000. The analyst believes that the current correction, as long as Bitcoin does not drop below $91,000 to $100,000 is merely a pullback before a significant upswing.
Bitcoin Price Overview
Bitcoin is currently trading at $104,739, following a small price increase of 0.64% over the last day. Meanwhile, the asset’s daily trading volume is valued at $40.03 billion following a 31.28% increase in the past day.
Bitcoin, despite its slight increase over the last day, must reach $111,970, which is currently its all-time highest price, to counter any bearish trend. The premier cryptocurrency must overcome familiar resistances between $106,000-$109,000 in order to accomplish this goal.
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Source: www.newsbtc.com
