Bitcoin Price Prediction: Targeting $130,000 Following Critical Resistance

Bitcoin is trading near $94,250, a vital Fibonacci resistance level. Signs indicate a potential bullish five-wave move since April, but a three-wave structure could mean bearish trends are still in play. Key support zones are defined, and future targets could reach $130,000 if momentum remains strong.

Bitcoin is currently hovering around a significant resistance level of roughly $94,250, which is known in the Fibonacci trading community as the golden ratio. This area is crucial in technical analysis as it marks potential turning points in the price action. Traders are now on high alert, assessing the implications of this critical threshold as the recent rally appears to be facing some headwinds.

Recently, Bitcoin has shown indications of a classic five-wave pattern developing since its April low. If it manages to complete this formation, it would strongly suggest bullish momentum, possibly paving the way for further price increases. On the other hand, if it shapes out to be merely a three-wave structure, it might signal that the market is still trapped in a larger downward trend, with this recent uptick simply being a short-lived recovery.

The key support levels for Bitcoin’s current bullish trend fall within the range of $84,526 to $88,494. If the price stays above this area, it bodes well for a positive outlook in the near term. Moreover, there’s a smaller support zone between $91,047 and $93,581 that could provide a cushion for price fluctuations over the upcoming days.

Traders are advised to pay close attention to these critical levels. Should Bitcoin secure its position above the support while also successfully piercing the $94,250 resistance with substantial momentum, there’s a realistic chance for the next target to reach $130,000 in the long run. However, if it dips below these support levels, it could signal weakness in the market, raising the likelihood of a more profound correction.