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Will Bitcoin Hit $119K or Drop to $110K Next? Key Levels in Focus
Bitcoin (BTC) has been experiencing significant volatility over the past weekend, dipping as low as $111,965 before making a stunning recovery to retest the $114,000-$116,000 resistance zone. With the cryptocurrency’s price now hovering near $114,000, investors and analysts alike are left wondering whether Bitcoin will surge above $119,000 or retreat to the $110,000-$112,000 range.
Recent market data indicates that the world’s largest cryptocurrency has encountered a critical juncture, with key resistance levels looming at $114.8K-$116.8K. According to prominent analyst Michaël van de Poppe, breaking through this zone would not guarantee an all-time high but rather sets the stage for a potential new ATH.
On the other hand, should Bitcoin fail to breach this critical area, it may be heading towards retesting support levels around $110-$112,000. Van de Poppe emphasized that such a move could encourage buyers to step in and stabilize the market.
Notably, some experts are warning of potentially unfavorable circumstances. Robert Kiyosaki, for instance, has expressed concerns over Bitcoin’s historical patterns in August, pointing out the asset’s propensity for sharp declines. He suggested that the price might drop as low as $90,000.
Meanwhile, other analysts are taking a more optimistic stance. Daan Crypto Trades notes that Bitcoin often sets its monthly high or low within the first week of each month. Furthermore, he highlights the potential for a larger move this month given the asset’s current 3.6% price drop.
In conclusion, the market remains in limbo as traders await confirmation on which direction Bitcoin will take next.
Source: cryptopotato.com
