Bitcoin to 125,000
After 9 months of downtrend/sideways price action, bitcoin has finally broke out of this trend.
If we zoom out to weekly time frame, the 9 months of downtrend/sideways price action, serves as "handle" for "cup and handle" pattern which goes back to Nov 2021. Finally, after 3 years, this pattern is completed and bitcoin is set to get to it's next target which is ~125,000.
On it's way up, bitcoin will probably face some resistance at 100K, since people have been waiting for bitcoin to hit this price target from all the way back in 2019-2020. Moreover, 100K is Fibonacci famous 1.6 extension level, so we might see some sell off at this price. However, we believe that FOMO can break this resistance level with ease and bring up the price to 125,000 USD.
From this point, we probably see more sharp upward trend toward 155K and 200K but this is the danger zone where we might see sharp pullbacks to 100-125K range.
If we zoom out to weekly time frame, the 9 months of downtrend/sideways price action, serves as "handle" for "cup and handle" pattern which goes back to Nov 2021. Finally, after 3 years, this pattern is completed and bitcoin is set to get to it's next target which is ~125,000.
On it's way up, bitcoin will probably face some resistance at 100K, since people have been waiting for bitcoin to hit this price target from all the way back in 2019-2020. Moreover, 100K is Fibonacci famous 1.6 extension level, so we might see some sell off at this price. However, we believe that FOMO can break this resistance level with ease and bring up the price to 125,000 USD.
From this point, we probably see more sharp upward trend toward 155K and 200K but this is the danger zone where we might see sharp pullbacks to 100-125K range.
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