Bitcoin Price Pattern Hints At $100,000 Target – Here’s Why

According to data from CoinMarketCap, Bitcoin (BTC) dipped by 1.12% in the past day drawing prices into the $103,000 region. Notably, this slight decline underscored another uneventful week in which Bitcoin failed to hold any convincing price breakout amidst an extended corrective phase. Interestingly, a popular market analyst with X username Titan of Crypto has weighed in Bitcoin’s latest rejection highlighting possible downside price targets.

Bitcoin Bulls Must Step In Now – Analyst

In an X post on June 20, the Titan of Crypto provides an in-depth analysis into a recent Bitcoin price rejection. The premier cryptocurrency initiated a price rally on June 20 to trade as high as $106,000 where it faced a stern rejection forcing a return below the $103,157. 

According to Titan of Crypto’s analysis, Bitcoin’s price rejection at a Fair Value Gap (FVG) meaning price rose into an inefficiency zone but was unable to break through. For context, the FVG is a price imbalance or inefficiency on the chart where the market moved too quickly in one direction as seen on June 20, leaving behind a zone where little to no trading occurred.

Bitcoin

However, the FVG lies within a bigger symmetrical triangle – a common chart pattern that signals a period of consolidation before a major price move. As seen in the chart above, it is formed by two converging trendlines, narrowing structure suggests growing pressure, often leading to a breakout or breakdown as the market seeks direction.

Based on recent developments, BTC has retested and now broken through through the lower boundary of the symmetrical triangle indicating a potential for further downside. According to Titan of Crypto, possible price targets for Bitcoin in this event include the previous weekly low at $102, 679, failure of which to act as a strong support zone would force prices to around the psychological $100,000 zone.

Bitcoin Market Overview

In other developments, blockchain analytics firm Sentora reports that Bitcoin networks fees grew by 105.8% on the weekly scale indicating a surge in transaction numbers and user engagement. Meanwhile, there was an notable exchange outflow of $2.06 billion suggesting a long-term market confidence as investors move their holdings to their private decentralized wallet.

As earlier stated, BTC is trading at $103,402 with losses of 1.88% and 7.02% on the weekly and monthly chat. Meanwhile, the daily asset trading volume is up by 38.31% and valued at $50.14.

Bitcoin

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  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%