Key Points: Bitcoin Traders Reveal the Key BTC Price Points for a Bullish Recovery
Bitcoin (BTC) is making headlines as traders identify crucial price points that could signal a bullish recovery. Following a recent surge, BTC neared $113,000 after Wednesday’s Wall Street open, with buyers eager to solidify the market’s bounce.
BTC Price Outlook Hinges on $112,000
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached local highs of $112,646 on Bitstamp. This marked a recovery of over $3,000 from the multiweek lows observed the previous day, sparking debate among traders about the cryptocurrency’s next direction.
Popular trader BitBull highlighted the importance of BTC reclaiming its 100-day exponential moving average (EMA-100) at $110,850. “This has been very crucial for bottom formation, and for now bulls are still in control. If BTC holds this level, I wouldn’t be surprised to see a rally towards $116K-$117K level,” BitBull shared in a post on X.
However, some traders maintain a bearish outlook. Roman, a fellow trader, emphasized the significance of the $112,000 support level. “Looks like a breakdown & bearish retest for now. If 112k support is truly lost, 102k support should be next. Also looks like a double top is confirming here,” Roman noted on X.
Rekt Capital, another renowned analyst, pointed out the similarities between the current BTC price pullback and past bull markets. “History doesn’t always repeat but it often rhymes,” he stated, suggesting that the current pullback might be shallower and shorter than previous ones.
Is Time Running Out for the Bull Market?
The debate continues over the longevity of the current bull market. Rekt Capital suggests that history indicates a deadline for a bearish trend change in October. “The previous bull market lasted 152 weeks, which is about 1,064 days or almost three years. We are already 144 weeks into this bull market,” he tweeted.
Contrasting this view, David Bailey, a dedicated Bitcoin adviser to US President Donald Trump, argues that institutionalization of BTC as an asset means the next bear market could be years away. “There’s not going to be another Bitcoin bear market for several years,” Bailey stated on X over the weekend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: Cointelegraph
