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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round
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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Analyst’s Prediction Plays Out As Bitcoin Price Rebounds, Here’s The Full Forecast

Scott Matherson
Scott Matherson
7 hours ago
2 mins read
Bitcoin Price Recovery Hopes Rise

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As the Bitcoin price has staged a rebound coming out of the weekend, the momentum has begun to skew bullish again, and expectations remain that the price will wax higher from here. Some predictions have placed the digital asset’s price lower. However, there are some who expect this to be the start of the next upward wave for Bitcoin. One of those is crypto analyst Arman Shabann, who shared an analysis of the Bitcoin price that seems to be playing out quite well.

Why The Bitcoin Price Is Headed For Higher Levels

In the analysis, Arman explained the current Bitcoin price trajectory as being bullish, especially with the formation of a clear ascending channel. The digital asset had been moving within this ascending channel, and this is seen in the recent upward push that the Bitcoin price went on.

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So far, the cryptocurrency looks to be moving according to plan, after bouncing off support between $108,000 and $109,000. After this bounce, the analyst believes that the Dogecoin price has now entered what is known as a natural correction phase.

At this level, the Bitcoin price is still trending along the midline, and this is where the next move could be determined. Now, there is still the possibility that the price continues to trend down and retests the support area just above the $105,000 region, as shown in the chart.

Bitcoin price
Source: TradingView

However, in this case, the Bitcoin price would be preparing for another bounce if this level holds. Additionally, the analyst points out that this would be an ideal entry point if the price were to actually reach this level, given that it’s expected to actually rebound from this point.

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For the bullish scenario, the Bitcoin price does need to hold the upper boundary of the channel to continue its uptrend. Once bulls take control, then the price is likely to continue upward, with the analyst predicting an over 30% move. Such a move would put the Bitcoin price as high as $156,000 before the rally is over.

On the other hand, the bears still have the opportunity to actually reclaim control of the digital asset from here. This lies in breaking below the support level and shifting the momentum back into the negative territory. If the support at $105,000 does break, then the next possible target is the dynamic support just above the $100,000 area.

Bitcoin price chart from TradingView.com
BTC price maintains tentative hold on $114,000 | Source: BTCUSD on TradingView.com
Featured image from 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

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