Bitcoin Price Prediction: BTC eyes $98K Resistance as $60K Retracement Looms
Bitcoin is currently trading around $86,394.87, marking a 2.80% increase over the past 24 hours, as the cryptocurrency navigates a critical juncture with potential for both meaningful gains and a substantial correction. Technical analysis suggests a possible rally toward a resistance level between $96,000 and $98,000, but a conditional retracement to $60,000 remains a possibility, impacting investors and the broader digital asset market.
The future trajectory of Bitcoin is heavily influenced by macroeconomic factors, including exchange-traded fund (ETF) inflows, overall liquidity in the market, and prevailing investor sentiment. While a retest of its all-time high is plausible given positive conditions, traders are advised to view all potential outcomes as analytical observations, closely monitoring past support levels and model-based resistance for informed decision-making.
According to recent analysis, key areas to watch include a potential right shoulder formation near the $96-98K range. This growth, coupled with Gann time cycles, highlights a potential turning window for the asset. Traders shoudl remain vigilant, interpreting thes observations as guidance rather than definitive predictions.
