Crypto enthusiasts, gather around! The crypto bull run seems to have hit a speed bump as Bitcoin ($BTC) finds itself stuck in a tight range between $101,000 and $106,000 for the last two weeks. 📉 But hold on! Analyst cryptododo7 believes there might be a roadmap to revive BTC’s bullish spirit—though it suggests an initial dip that will have you clutching your wallets. 🧐
Let’s talk about the Trump factor! Remember when market expectations soared with Donald Trump’s presidential campaign and his promises of a crypto-friendly administration? That enthusiasm propelled $BTC to an exhilarating peak at $108,000, followed by a correction that sent it below $90,000. So, what’s the game plan? Cryptododo7 points out that another visit to the $76,000 mark might be just what $BTC needs to reset and get ready for a new rally. 🚀
The reasoning behind this potential dip includes crucial technical indicators like the double top formation and the Wyckoff Distribution Scheme. Could a drop to $76,000 be an opportunity for accumulating Bitcoin? Absolutely! This level is seen as a strong support zone, offering a chance for institutional investors to scoop up their favorite cryptocurrency ahead of the next surge. 🏦
As of now, $BTC is hanging out at $99,659 after a slight decline of 2.74%. The trading volume has dropped by 31.29%, indicating that traders might be catching their breath. If we can breach that $106,000 resistance, higher price regions beckon. Isn’t it exciting? The suspense is palpable!
Keep your eyes peeled and wallets ready because the crypto landscape is never a dull moment. 🔮
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⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
submitted by /u/MammothBattle33 to r/Blockviews
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