I was unsure whether the Bitcoin and crypto market were seeing a bull run or not. I was thinking that this was a fake breakout, and that the ongoing buying by governments, institutions, and other large companies have drive the price of Bitcoin close to $98,000.
It has always occurred to me that we would soon experience a massive drop, bringing the price back down to 69,000 to 75,000. But today, I have a clear belief that the market has become extremely bullish as evidenced by Bitcoin's price increase today, which reached $104000, setting a new all-time high.
In this post, I will cover BTC/USDT price analysis during a one-day period, share my analysis, and discuss potential Bitcoin moves in the future days.
As you can see from the chart below, I've drawn a rectangular pattern to represent the support level. After 12 to 13 days of consolidation, BTC has finally broken out, resulting in a massive price increase in Bitcoin.
My trust has grown, and I am now much more positive on the cryptocurrency industry, and I will undoubtedly encourage investing in altcoins in current situation. According to the analysis and increasing Bitcoin dominance, altcoins may fall at this time in preparation for another massive spike.
This is dependent on the price of Bitcoin; if it continues to rise and reaches another all-time high, Bitcoin dominance will undoubtedly increase, preventing altcoins from increasing further.
However, if Bitcoin becomes stable at this price, dominance will begin to decrease, allowing altcoins to rise.
Right present, there are three support levels for Bitcoin. According to the one-day time frame, we have three support levels, with 99,000 serving as the first. The second level is 95,400, while the third level is 91,400. This is the price range for Bitcoin over a one-day time frame.
One thing to note is that we have two fair value gaps that have not been tested at all: one at 82,000 to 84,000 and the other at 73,000.
These are the untested fair value gaps, and Bitcoin may also test these spots. Bitcoin is clearly bullish right now, and I anticipate that it will retrace to test the support level of 99,000 before moving on to the next level. As indicated in the graph, these are the levels at which Bitcoin will retrace and then go on to the next level.
I believe that now is the perfect time to invest in your favorite altcoins because as soon as the price of Bitcoin stabilizes, altcoins will move and provide you with a good rise and profit.
For the upcoming move, I believe Bitcoin will test 99,000 and rise to new highs. I hope this post is informative.
I hope you find this post interesting and I hope you will like it. If you like the post, please leave feedback in the comments section so that the next one will be even better. Thank you for sticking with me until the end.
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REMEMBER: We should prepare for the unexpected and hope for the best. Life may not be easy, but you must do your best and leave the rest to God.
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