The post Bitcoin Price Prediction: Can Cramer’s $90,000 Backstop Push BTC Past $100,000? appeared first on Coinpedia Fintech News
As the new trading week approaches, Bitcoin investors are watching for signs of volatility, especially towards the end of the day as the weekly candle closes near. Bitcoin spent the weekend consolidating, but this could signal a possible breakout.
Looking at the bigger picture, Bitcoin’s current price action falls within a broader cycle that began in late 2022. According to Elliott Wave Theory, the market has moved through multiple waves and is possible that we are approaching the end of the current cycle. The first wave was completed in April 2023, followed by a series of corrections and rallies. Currently, the market appears to be completing the fifth wave, which could indicate another high before a major correction.
Short-Term Price Action: Identifying Support and Resistance
For short-term traders, Bitcoin price action has been consolidating with minimal movement over the weekend. The closest support levels are between $95,900 and $96,530. A move above the $98,500 level would confirm further upside, with key resistance levels at $99,000 and $100,200.
Key Fibonacci Levels and Possible Bullish Targets
The next key resistance target for Bitcoin is seen around the $30,000 region, a significant Fibonacci level. This level could act as a milestone, signaling the final push of this cycle. However, even if Bitcoin reaches this level, it may experience a larger correction later.
Will Bitcoin fall to $90,000 levels?
In a recent CNBC interview, “Mad Money” host Jim Cramer recommended $90,000 as the next price for those looking to buy Bitcoin. He explained the importance of monitoring the price of Bitcoin and said that $90,000 could be a good entry level for new investors. Cramer believes Bitcoin’s long-term potential makes it a solid investment, even at higher prices.
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