The Grand Bitcoin Roadmap: Crypto Expert Says $160,000 Still In The Works

16 hours ago

Bitcoin whitethorn beryllium mounting up for different large propulsion toward six-figure prices aft reclaiming a cardinal bullish signifier and ending a play of repeated downside deviations. According to well-known crypto expert Rekt Capital, the caller determination puts BTC backmost successful presumption to purpose for the $160,000 target, provided it tin clasp a important enactment level and interruption done evolving resistance.

While short-term pullbacks are inactive possible, the broader technical picture remains intact. Historical terms behaviour suggests Bitcoin is inactive successful a beardown upward trend, but clip and terms pressures could soon unit a determination constituent for the market.

Bitcoin Bull Flag Breakout Revives Long-Term Bullish Outlook

Rekt Capital’s latest investigation highlights that Bitcoin not lone reclaimed its Bull Flag signifier but has positioned itself supra it. This is an indispensable displacement due to the fact that a fewer weeks ago, BTC failed to corroborate its breakout erstwhile it couldn’t clasp the Bull Flag top. That earlier miss near the signifier unresolved and kept the marketplace uncertain astir the adjacent large move.

By holding the $119,000 level arsenic caller support, BTC tin corroborate the breakout and solidify the foundation for a rally. The expert cautions that the terms could inactive dip backmost into the signifier temporarily, but arsenic agelong arsenic $119,000 holds, the bullish structure remains successful play.

Ending the caller downside deviation adds to the optimism. Several crisp deviations from bullish structures person marked this cycle, but reclaiming and holding supra the Bull Flag shows renewed spot from buyers. For semipermanent bulls, this could beryllium the method reset needed to support the $160,000 target alive.

Key Resistance Levels That Stand Between BTC And $160,000

Despite a caller -9% dip, Bitcoin remains successful what Rekt Capital calls “Price Discovery Uptrend 2.” This phase, which follows historical terms tendencies, has stayed intact due to the fact that the dip ne'er broke the uptrend’s operation oregon confirmed a breakdown. However, the determination into Week 6 of this uptrend is notable; historically, Weeks 5 and 6 person often been the “danger zone” for section tops.

While past points to a imaginable intermission here, the unsocial quality of this rhythm whitethorn let for an extension. Still, the decisive origin is present price, not conscionable time. The expert points to resistance that archetypal appeared astir $124,000 successful July but has since evolved into a dynamic obstruction person to $126,000.

Breaking this level successful the adjacent 1 to 2 weeks could trigger a crisp acceleration successful the trend, putting the $160,000 roadmap backmost successful focus. On the different hand, nonaccomplishment to wide $126,000 would make some clip and price confluence for a pullback, which Rekt Capital calls “Price Discovery Correction 2.”

Such a correction would not extremity the semipermanent bullish lawsuit but would hold the adjacent limb up. Until then, each eyes are connected these cardinal levels: $119,000 for enactment and $126,000 for breakout. How Bitcoin handles them could determine whether the expansive roadmap to $160,000 stays connected way successful the weeks ahead.