Highlights
- Trump’s inauguration barely nudged the BTC price to $109K.
- Major firms’ predictions for Bitcoin gains are now in doubt.
- Support levels between $60K and $70K may stabilize Bitcoin during corrections.
Following a remarkable uptrend that saw Bitcoin price soar from $70,000 to over $108,000 after Donald Trump’s victory, is now struggling to maintain its upward momentum.
Even the inauguration of Trump as the 47th president didn’t signficantly impact Bitcoin. The inauguration buzz saw BTC price barely rise to the $109,000 mark.
Now, with each passing week, the BTC price is yet to show a strong move, and predictions from major firms like VanEck and Bitwise, which once forecasted tremendous gains for Bitcoin price, are now in doubt.
Many traders and investors are left watching the market with puny excitement, as the current lack of momentum fails to stir trust in their portfolios.
Among social communities, many critics have begun voicing skepticism, further shaking the confidence of many in the price of Bitcoin.
Adding to the uncertainty, the strategic reserve for Bitcoin is still under feasibility study by the newly appointed czar, David Sacks. Also, market experts, including Peter Brandt, have recently expressed doubts about Bitcoin reaching $200,000 by the end of the decade.
His analysis points to significant technical barriers that could hinder the growth of BTC price if it cannot sustain a strong upward push. Keep reading to know more.
Bitcoin Price Needs to End the Inconsistency
Since 2012, Bitcoin price has established an ascending channel pattern characterized by crucial support and resistance trendlines.
Historically, price surges have often been followed by significant market corrections, aligning with typical market behavior.
A lack of consistent movement could result in Bitcoin either stagnating or retreating, which would hinder its long-term growth potential.
According to analyst Peter Brandt, Bitcoin needs rapid price increases to break through resistance levels and maintain its upward trajectory.
Without meaningful upward momentum, the asset will struggle to exceed its long-term pattern limits. Historical trends indicate that BTC price typically enters phases of consolidation or price decline after failing to breach key price points.
Currently, price of Bitcoin faces a resistance zone between $100,000 and $120,000. If it fails to break through this critical area, it could trigger increased selling pressure, leading to a market correction.
To achieve new all-time highs, Bitcoin requires sustained breakout volume that exceeds current levels. But a decline in momentum could affect the forecast of Bitcoin price reaching $200,000 unrealistic in the long term.
If Bitcoin Price Falls, Where Does the Fall End?
The Bitcoin price currently benefits from shielding its $91,000 support level that is currently serving as a barrier. Moreover, it is holding up against significant market declines.
In 2024, Bitcoin price drew strength from its support range between $60,000 and $70,000. These were once sticky resistance zones like $109,000 now.
However, those levels cracked up eventually. As of now $60,000 and $70,000 have turned into potential support zones.
Therefore, in the event of a price correction, this belt may become a stepping stone for buyers to prevent further market instability.
Moreover, if it does get compromised under bearish force, in that severe market scenario, the long-term price channel between $40,000 and $50,000 represents potential support for Bitcoin.
While market bears may stabilize at this point of contact on the chart in the worst-case scenario, this support area would act as a safety net until prices recover.
Market analysts are closely monitoring the charts as the future trajectory of Bitcoin price will largely depend on how effectively these price barriers can sustain its ongoing growth.
If the price of Bitcoin fails to break through the $120,000 mark, an extended consolidation phase could follow.
Additionally, according to Peter Brandt’s analysis, any delay in the price of Bitcoin reaching the $200,000 target will likely exacerbate investor concerns unless strong pro-Bitcoin momentum emerges.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
