The analyst who predicted the Bitcoin price to collapse to $89,000 reveals the next trend for BTC

Cryptographic analyzer MadWhale Bitcoin has revealed where Bitcoin’s price could go next, after correctly predicting BTC’s collapse to $89,000. The analyst also explained why the current outlook for major cryptocurrencies is bullish, which could lead to further gains.

Where the price of Bitcoin goes next

In a TradingView ShareMadWhale predicted that Bitcoin price could post a 17% gain and rise to a new high of $110,000. The analyst explained that expectations for Crypto market Largely positive. He added that there is a resurgence in market volume after the usual holiday lull, which often causes a temporary drop in prices.

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MadWhale also noted that this increase indicates renewed investor interest, which is a bullish sign and may indicate higher prices soon. In line with this, expect that Bitcoin price may be on its way to reaching a new price All-time highs (ATHs). Technically, the analyst noted that the charts show strong support levels. This suggests that the bullish momentum may continue, leading to potential gains of 17% for the major cryptocurrency.

The accompanying analyst chart showed that Bitcoin’s expected price rise to $110,000 could happen this month. This forecast undoubtedly provides some optimism, given recent events Bitcoin crash. Bitcoin fell to a low of $89,000 yesterday amid market uncertainty.

The uncertainty in the market is due to developments on the macro side, such as the December jobs data. Following strong US jobs data, traders are speculating that there will only be one Fed rate cut this year, which is bearish for the price of Bitcoin and the broader cryptocurrency market. On the other hand, the inauguration of Donald Trump provides a bullish outlook for the major cryptocurrency.

Trump has promised to create BTC Strategic Reservewhich is bullish for the price of Bitcoin, because it could lead to widespread nation-state adoption of the flagship cryptocurrency.

A bullish reversal is already underway

Jelly crypto analyzer It indicates that a bullish reversal is already happening for the Bitcoin price. He stated that Bitcoin captured the major bearish liquidity and immediately returned above $94,000. The cryptocurrency analyst added that the major cryptocurrency is now facing resistance at its current level, with the 200-day Exponential Moving Average (EMA) a level it has been struggling with for a while.

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Gilley predicted that a Bitcoin price break above $97,000 could lead to new highs for the major cryptocurrency. In another post, X mentioned that BTC is pushing for a weekly breakout Falling wedge. The cryptocurrency analyst added that the target for this formation is about $130,000.

At the time of writing, Bitcoin is trading at around $96,300, up roughly 4% over the past 24 hours, according to Data From Coin Market Cap.

Featured image created with Dall.E, chart from Tradingview.com