Bitcoin Enthusiasts Target Next Major Advancement as Price Approaches $118,000, Possible Setting of a New All-Time High?
Bitcoin, the world's largest cryptocurrency, is currently targeting the significant level of $118,000, according to various analysts. This bullish outlook is reinforced by the latest update from EGRAG CRYPTO and Börse Express.
The recovery of Bitcoin suggests that the underlying demand for the digital asset remains intact. A successful breakout above $118,000 would serve as a strong bullish confirmation, potentially setting a new all-time high. This technical formation is interpreted as a sign of building momentum.
Börse Express, a company that specialises in financial market analysis, has highlighted the Bitcoin price of $118,000 as an important threshold. They argue that a successful breakthrough of this resistance would strongly support a bullish case and accelerate the rally to $120,000. The most critical level to watch in the short term is $118,000 for Bitcoin.
However, a strong rejection at $117,300 could trigger a temporary reversal to the $113,300 support level. This warning is included in the analysis provided by Börse Express, which also emphasises the critical resistance zone at $117,800 to $118,000.
The pullback experienced by Bitcoin yesterday was more likely a final shakeout rather than the start of a broader correction, according to Crypto VIP Signal. This pullback was triggered by news of a rate cut and remarks from Jerome Powell. Crypto VIP Signal issued a recent update regarding this pullback, stating that it could potentially be a sign of building momentum leading to a new all-time high.
A decisive close above the middle upper section of the Bollinger Bands could propel the price higher, further supporting this bullish case. If Bitcoin successfully achieves a price above $120,000 today, it may set a new all-time high.
Despite the recent volatility, buyers have regained control. This bullish momentum could potentially push Bitcoin toward a new all-time high, providing a fresh wave of investor excitement and market liquidity.
However, it's essential for traders to exercise caution. The analysis includes a warning for traders regarding the $117,300 level. A strong rejection at this level could trigger a temporary reversal, so traders should be prepared for potential market fluctuations.
In conclusion, the outlook for Bitcoin remains bullish, with analysts predicting a potential new all-time high if the digital asset successfully breaks through the $118,000 level. However, traders should remain vigilant and be prepared for potential market fluctuations.
