Bitcoin has experienced a 7% pullback from its all-time high of $99,800 after failing to break above the psychological $100,000 mark. While this retracement is causing some concern among investors, it is seen as a necessary consolidation phase for the cryptocurrency to build strength before continuing its ascent.
Despite the short-term setback, many fear this could be the culmination of Bitcoin’s bullish move for this cycle. However, top analyst Ki Young Ju, CEO of CryptoQuant, shared a technical analysis on
As the market consolidates, this will also happen in the coming weeks determine whether BTC can regain its momentum and eventually break above the $100,000 level, or whether the price will experience further downward pressure. Investors remain vigilant and balance caution with optimism as BTC works through the final phase of price action.
Bitcoin Bull Run is just beginning
Bitcoin’s parabolic bull run has only just begun, and the recent aggressive move from $67,500 to $99,800 confirms this bullish phase. Although BTC has made impressive gains, top analyst and CEO of CryptoQuant Ki Young Ju shared a technical analysis on XThis suggests that despite a parabolic bull run, BTC could experience significant pullbacks of up to 30%.
This pattern has been observed repeatedly, such as during Bitcoin’s 2021 price discovery from $17,000 to $64,000, where sharp corrections failed to derail the upward trajectory.
This analysis does not indicate an imminent correction, but it does emphasize the importance of managing risks. Investors should avoid panic selling during local bottoms as such corrections are part of Bitcoin’s price formation process and serve to shake out weak hands. As long as BTC continues to reach higher highs and maintains its overall bullish trend, corrections can be viewed as opportunities rather than reasons to exit the market.
With this context in mind, optimistic investors view Bitcoin’s continued rise as the start of a prolonged bullish period. Many believe that BTC will continue its rise, and that altcoins will likely follow. The coming months hold significant potential for BTC and the broader cryptocurrency market, as long as investors remain patient and resilient during inevitable price corrections.
Test liquidity above $90,000
Bitcoin is currently trading at $92,100 after testing crucial liquidity levels that could act as price demand zones. This consolidation around these levels suggests that there is still potential for Bitcoin to remain stable and continue its bullish trend towards breaking the $100,000 mark. However, if BTC fails to hold the support above the $90,000 level, it could signal a further correction, weakening the bullish structure and pushing the price lower.
The last strong level of demand to watch would be the $88,500 mark, as a drop below this price could lead to a deeper pullback. Losing this level would shift the liquidity range, potentially changing Bitcoin’s price trajectory for the coming weeks. This could result in further consolidation or a more significant retracement, which could limit near-term upside potential.
For the bulls to remain in control, it is crucial that BTC holds the $90,000 level and prevents it from falling to the $88,500 zone. If demand remains strong at these levels, BTC could resume its upward momentum towards new highs and possibly the long-awaited breakout of $100,000.
Featured image of Dall-E, chart from TradingView