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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next

Scott Matherson
Scott Matherson
8 months ago
3 mins read
bitcoin

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Crypto analyst MadWhale has revealed where the Bitcoin price could be headed next, having correctly predicted the BTC crash to $89,000. The analyst also explained why the flagship crypto’s current outlook is bullish, which could lead to further gains. 

Where The Bitcoin Price Is Headed Next 

In a TradingView post, MadWhale predicted that the Bitcoin price could record a 17% gain and rally to a new high of $110,000. The analyst explained that the outlook for the crypto market is largely positive. He added that there is again a surge in market volume after the usual holiday lull, which often causes temporary price drips. 

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Bitcoin price 1
Source: TradingView

MadWhale further remarked that this increase signals renewed interest from investors, which is a bullish sign and could indicate rising prices soon. In line with this, he predicted that the Bitcoin price might be on track to hit new all-time highs (ATHs). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that upward momentum could continue, leading to this potential gain of 17% for the flagship crypto. 

The analyst’s accompanying chart showed that the projected Bitcoin price rally to $110,000 could happen this month. This prediction undoubtedly provides some optimism, considering the recent BTC crash. Bitcoin dropped to as low as $89,000 yesterday amid the uncertainty in the market. 

This market uncertainty has been due to developments on the macro side, such as the December jobs data. Following the strong US job data, traders predict there will be only one Fed rate cut this year, which is bearish for the Bitcoin price and the broader crypto market. On the other, Donald Trump’s inauguration provides a bullish outlook for the flagship crypto. 

Trump has promised to create a Strategic BTC Reserve, which is bullish for the Bitcoin price, as it could lead to widespread nation-state adoption of the flagship crypto.

A Bullish Reversal Is Already In Play

Crypto analyst Jelle suggested that a bullish reversal is already in play for the Bitcoin price. He mentioned that Bitcoin took out the main downside liquidity and immediately pushed back above $94,000. The crypto analyst added that the flagship crypto is now running into a resistance at its current level, with the 200-day Exponential Moving Average (EMA) and the level it has been struggling with for a while. 

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Bitcoin price 2
Source: TradingView

Jelle predicted that a Bitcoin price breakout above $97,000 could lead to new highs for the flagship crypto. In another X post, he stated that BTC is pushing for a breakout from the weekly falling wedge. The crypto analyst added that the target of this formation is roughly $130,000. 

Bitcoin price 3
Source: TradingView

At the time of writing, the Bitcoin price is trading at around $96,300, up almost 4% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC bears try to beat down recovery | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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