Summary
- Bitcoin is analyzed to have the potential to retrace to $87,000 to retest the support level, showing a trend similar to mid-2021.
- Analyst Rekt Capital stated that Bitcoin might experience a price adjustment after breaking through a major resistance level to confirm if it has become a support level.
- Michaël van de Poppe mentioned that the current surge in Bitcoin might be accompanied by a correction, but it is likely to lead to buyer influx and a new all-time high.
Bitcoin (BTC) is showing a trend similar to mid-2021, suggesting it could retrace to $87,000 to retest the support level, according to analysis.
Cryptocurrency analyst Rekt Capital stated on the 24th (local time) via X (formerly Twitter), "Based on the BTC/USD Binance weekly chart, BTC seems to be repeating the price movement of mid-2021," and "As it has broken through a major resistance level with this surge, BTC could retreat to the $87,000 level to confirm if this price range has turned into a support level."
He added, "This could change depending on how the weekly candle closes at $93,500," and "If it closes above, this perspective becomes invalid."
Meanwhile, analyst Michaël van de Poppe said, "The recent surge in BTC may be followed by some correction, which is a normal phenomenon," adding, "There is a high possibility that buyers will enter afterward, continuing the journey towards a new all-time high."
Meanwhile, BTC is trading at $93,223.15, up 0.58% from the previous day, based on the Binance Tether (USDT) market as of 00:48 on the 25th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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