Bitcoin Price Reaches ‘Critical Junction’: How A Rally To $139,000 Would Play Out

The onslaught continues because the Bitcoin price has failed to make a meaningful bounce, and the bears have saved the value suppressed beneath $110,000 for almost all of the weekend. This has already triggered worry available in the market, with the Fear and Greed Index falling into the Fear territory, marking a brand new 5-month low. From right here, the subsequent route of the Bitcoin value carries quite a lot of weight for all the market, and the purpose at which the cryptocurrency is sitting is a decision-making level.

Bitcoin Price Falls Into Critical Junction

According to crypto analyst Weslad, who posted an attention-grabbing evaluation on the TradingView web site, the Bitcoin value is now sitting at what might be thought of a make-or-break degree. This important junction lies at a serious provide zone, and with the sturdy provide at this level, a rejection may rapidly comply with.

The crypto analyst explains that the Bitcoin price is currently still holding above the important thing demand zone of $106,269-$108,715, which remains to be very bullish for the value. In truth, this has been traditionally generally known as some extent the place the Bitcoin bulls have typically held, supporting and triggering the subsequent wave of uptrends.

This signifies that the bulls must maintain holding this demand zone in the event that they need to keep the first uptrend. In the case of a successful hold and a subsequent bounce and breakout with sturdy momentum, it may put the Bitcoin value on a path to clearing its all-time high above $124,000.

Moving additional away from this level, the crypto analyst believes it’s attainable that this bounce may ship the Bitcoin value rallying toward the $135,627-$139,616 target zone. This can be an over 20% improve for the cryptocurrency.

Bears Could Still Take Control

While it does appear that the bulls are holding the first uptrend whereas conserving the Bitcoin value above the demand zone of $106,269-$108,715, there may be nonetheless the potential of bears taking up from right here. Weslad factors to the latest rejection from the $117,000 provide zone as proof that sellers are nonetheless very a lot energetic available in the market.

If the promoting have been to proceed, then the stress may press down the Bitcoin price further, placing the important thing demand help in danger. If the bears have been capable of efficiently break beneath the demand zone of $106,269-$108,715, then the crypto analyst expects the value to proceed to battle.

A downtrend from right here may trigger another 10% crash, and such a crash may see the Bitcoin value shifting straight towards $98,384. This break would imply Bitcoin shedding the $100,000 psychological degree for the primary time in additional than three months.