While Bitcoin is going through a consolidation phase, some experts believe that the cryptocurrency could face further corrections due to downward pressure.
Kevin, the prominent crypto analyst, says that Bitcoin could face a correction under certain conditions. According to him, Bitcoin’s recent price movement suggests that the ongoing correction may not be over yet, with critical resistance levels of $102,000 intact.
Literally at the exact same price as 3 days ago. Yes, this is still my thesis too. Until we get back above that important area I have pointed out and USDT dominance falls from 3.70%, then we should proceed with caution and assume that the correction may come down when we are… https://t.co/BahmQEoDM1
– Kevin (@Kev_Capital_TA) December 26, 2024
The analyst highlights the importance of Bitcoin reclaiming the 200 4-hour SMA and breaking a key resistance trend line to signal the end of the currency’s slowdown. Without these confirmations, the market risks maintaining a bearish structure, which will keep investors cautious.
A decisive move above $102,855 is crucial to invalidate the possible formation of lower highs, which could initiate a bullish recovery.
Crucial Bitcoin Support Levels
Bitcoin price movement continues to attract attention as bulls aim to break above the psychological $100,000 level. According to crypto analyst Trade PSH, the local high currently stands at $99,450, with repeated attempts to go higher.
Key support levels identified are between $95,000 and $96,000. It is crucial for the cryptocurrency to maintain its value above this level for BTC’s continued bullish trend.
If BTC breaks the $100,000 mark, the new intermediate targets will be $102,000 and $102,757. Trade PSH predicts a possible rally to $108,366, marking a new all-time high. It means that the cryptocurrency could surpass the previous record of $108,268. However, a drop below $94,300 would invalidate this bullish setup.
As the cryptocurrency market enters the new year 2025, the cryptocurrency could witness further growth and pro-crypto policies under the Donald Trump administration.
Also Read: KULR Buys Bitcoin for $21 Million Following MicroStrategy’s BTC Strategy
