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Following an earlier prediction of a Bitcoin flash crash of $94,000, one crypto analyst has set new goals for the pioneering cryptocurrency. The analyst expects another big drop in Bitcoin prices before reaching all-time highs.
$130,000 goal on the horizon after Bitcoin flash crash
The broader cryptocurrency market has undergone a significant correction in the wake of the recent Bitcoin flash crash. Over the past week, the price of Bitcoin dropped $3,000 in less than 30 minutes, dropping from $97,000 to $94,000, before quickly rising above $97,000. The unexpected flash crash triggered widespread liquidations, wiping out more than $1.5 billion in long and short positions as traders scrambled to cut their losses.
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Bitcoin is currently showing signs of momentum, with analysts expressing expectations for future price increases. Notably, a TradingView crypto analyst identified as “Setupsfx” shared a detailed price chart predicting Bitcoin’s future movement and next targets.
Source: TradingView
This analyst accurately predicted Bitcoin's flash crash to $94,000 and has now expanded his prediction to include a possible recovery phase. According to his latest analysis, Bitcoin is expected to find strong support near the $96,000 level following a short-term price correction into this key zone. This new support level is considered a healthy retracement to increase upward momentum.
The analyst's chart shows an accumulation phase on the left, during which price appears to move sideways and form strong lows while closing the fair value gap (FVG). Additionally, Blocked Orders and Breaks of Structure (BOS) can be identified on Bitcoin price charts.
According to the chart, Bitcoin price successfully broke through the aforementioned accumulation zone, leading to an ATH increase of over $100,000. This bullish momentum coincides with the US presidential election hype that helped push Bitcoin to new all-time highs.
With this in mind, analysts predict that Bitcoin will likely fall again and test the $96,000 zone before a price reversal. This reversal is expected to trigger a new rally and potentially push Bitcoin towards a new target of $130,000.
Latest information on BTC price trends
At the time of writing, Bitcoin price was trading at $97,223, after falling more than 2% in the past 24 hours, according to CoinMarketCap. The cryptocurrency is trading below the $100,000 level after reaching an ATH above $104,000 and then pulling back slightly.
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Despite the recent decline in Bitcoin prices, overall market sentiment has also turned bullish. In particular, Bitcoin trading volume has increased by 99% in the past 24 hours, and the market capitalization is approaching the $2 trillion milestone.
Source: TradingView
Cryptocurrency analyst Jere commented on Bitcoin price trends and revealed that Bitcoin’s current price movement closely mirrors the bullish behavior during the 2020 ATH breakout. Based on these similar price movements, analysts predict that if Bitcoin maintains this bullish momentum, we could see another breakout soon.
BTC Price $97,000 | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
