May Eric Trump's Investment Indicator Potentially Propel Bitcoin beyond $117,000?
In the world of cryptocurrency, Bitcoin (BTC) is currently trading at a critical juncture, with the $113,000 level acting as the last line of defense against a deeper correction phase.
The digital currency has held on firmly around the support level of $113,000 for over a week, following a parabolic rally. However, it is yet to convincingly rebound above the $117,000 mark, a level that, if reclaimed, would be a clear signal of bullish control.
A breakout above $117,700 could signal a short-term bullish trend and confirm a potential bottom at $113,000. Conversely, a breach below $108,861 could lead to panic selling and a potential drawdown toward the $105,000 range. If the $113,000 BTC price support breaks, the next downside target is near $108,861, a horizontal support level from early July.
The current resistance level to monitor is the 20-day moving average at $117,000, which coincides with the Bollinger Band's midline. Bitcoin price is currently trading below this moving average, at around $114,000 to $116,300.
Technical and fundamental analysis suggest mixed but broadly bullish signals. Bitcoin recently corrected about 7% from its July peak near $123,400, and key resistance around $116,700 to $117,000 became a focal point to reverse the near-term downtrend. If Bitcoin sustains gains above this level, it could confirm a rebound above the 20-day moving average.
Analyst Tom Lee and others maintain very optimistic Bitcoin price targets between $150,000 and $250,000 by late 2025, driven by factors such as institutional accumulation, declining miner sell pressure, and strong on-chain metrics.
However, some technical caution remains. The MACD line is at -991.82 and remains below the signal line, indicating bearish momentum. The next few weeks could be decisive for Bitcoin price action, as continued institutional buying and macro factors might push prices well above $117,000, potentially towards $150,000 or higher as forecasted by several experts.
Eric Trump's bullish sentiment may encourage retail and institutional interest, but price confirmation depends on overcoming technical resistance and market volatility. A significant recovery in market volumes may be necessary to flip the short-term trend. Eric Trump's bullish commentary could offer short-term psychological support, but it must align with a significant increase in market volumes for confirmation.
Investing in Bitcoin (BTC) at this critical juncture offers potential gains, with analyst Tom Lee predicting prices between $150,000 and $250,000 by late 2025. However, technology plays a crucial role in determining its price trends, as the current resistance level is at the 20-day moving average of $117,000, which also coincides with the Bollinger Band's midline.
