Bitcoin

The post <a href="https://coinpedia.org/news/bitcoins-advent-to-100k-understanding-scenarios-of-brief-shakeout-before-big-breakout/">Bitcoin’s Advent to $100K: Understanding Scenarios of ‘Brief Shakeout’ Before ‘Big Breakout’</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Analyst Sheldon<a href="https://www.youtube.com/watch?v=zDq0RPYnvi0"> took to Crypto Banter’s channel </a>and noted that <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> at $71,000 is a sign of a strong market resurgence. Despite slight concerns in the stock market, it held up well, leading to a positive push from Bitcoin. The exciting aspect now is the potential squeeze in altcoins.&nbsp; 
He pointed out that <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> has initiated the squeeze, with the crucial barrier being the $72,000 mark. This indicates a potential breakthrough of the all-time highs, signaling the onset of the optimism stage in the higher time frames of the market cycle.&nbsp; 
The analyst explained that a strong resistance level was around $65,000, now shifting to approximately $72,000. This indicates that a significant short squeeze could occur, potentially causing the market to surge if Bitcoin breaks its all-time high. Currently, Bitcoin is hovering around $71,000 to $72,000, suggesting a great resistance zone. This means that while it might take some time to reach $72,000 to $73,000, a breakout could lead to a rapid price increase. 
<h2 class="wp-block-heading" id="h-here-are-the-three-potential-scenarios-explained-by-the-analyst">Here are the three potential scenarios explained by the analyst:</h2> 
Liquidation Trap: There could be a quick upward movement to around $76,000, followed by a brief shakeout before continuing upwards. 
Pullback and Surge: Bitcoin might experience a small pullback to around $70,000 or $69,500 before rocketing upwards.&nbsp; 
Continuous Rally: There might not be a trap, and Bitcoin could simply surge past its all-time highs, potentially reaching around $84,000 in a few days. The next target is $100,000, although this is a higher time frame target. 
Reflecting on past cycles, he observed a similar pattern of a brief downturn before entering the optimism phase, explaining the importance of being prepared and strategically entering the market. At the time of writing, Bitcoin is slightly trading above the $71k levels. 
Also Read: <a href="https://coinpedia.org/news/ethereum-etfs-face-major-delays-secs-gensler-reveals-crucial-details/">Ethereum ETFs Face Major Delays: SEC’s Gensler Reveals Crucial Details</a>

Bitcoin’s Advent to $100K: Understanding Scenarios of ‘Brief Shakeout’ Before ‘Big Breakout’

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