Bitcoin (BTC) is in a correction, trading at $103,993 after a 0.18% drop in the last 24 hours. Despite the recent high of $111,970, can Bitcoin regain momentum? Crypto analyst PlanD thinks so, but only if it holds a key support zone.
PlanD says BTC could reach $340,000 if it holds above the $91,000-$100,000 range. His theory is based on a 3-year cup-and-handle formation—a classic bullish pattern where there’s a period of consolidation followed by a breakout.
The collapse from $69,000 in 2021 to stabilization in March 2024 is the “cup,” and the recent consolidation below $112,000 is the “handle”.
Bitcoin Chart Structure Supports a Bullish Reversal
The current price action is a descending channel with lower highs and lows, typical of a consolidation phase. Key resistance is at the 50-period EMA near $105,292, which has been capping recent rallies.
Fibonacci levels indicate critical zones—BTC is testing support at the 0.236 retracement level ($104,514), with a risk of dipping to $103,149 or lower if sellers regain control.
Bitcoin Price Chart Source: TradingviewCandlestick signals, including spinning tops and shooting stars, indicate market indecision. The MACD histogram is negative, but the signal lines are converging, which may suggest that a potential reversal is approaching. The RSI is below 40, indicating a mildly oversold condition but not yet a clear reversal.
What to Watch
For bullish momentum to return, Bitcoin needs to break above the descending channel and close above $105,292, ideally with strong candlestick formations, such as engulfing patterns or three white soldiers. This could lead to $106,719-$107,682, followed by a larger rally.
Key levels to watch:
Support: $104,514, $103,149, $102,141 Resistance: $105,292, $106,040, $107,682If Bitcoin holds above $91,000-$100,000, it could be the start of the move to $340,000 by 2025, according to PlanD. But if not, deeper corrections. With a $2 trillion market cap and 24-hour trading volume over $40 billion, volatility is key. Be nimble and watch for breakouts or breakdowns from this range.
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The post Bitcoin Price Prediction: Analyst Says $340,000 Is Possible If Bulls Hold This Zone appeared first on Cryptonews.
