The Bitcoin price has suffered a violent rejection after hitting the $110,000 level, showing a clear intention of the bears to keep the digital asset from hitting new all-time highs. So far, the rejections from $110,000 have been swift and have put the bears back in control. This has given credence to calls that the Bitcoin price will fall back below the psychological level of $100,000, something that could trigger another wave of declines in the crypto market.
Bitcoin Rejection At $110,000 Part Of The Plan?
The Bitcoin price rejection has no doubt triggered a wave of panic among investors, many of whom believe that this is the end of the cycle. However, a crypto analyst has suggested that the pullback is part of the larger plan as the largest cryptocurrency by market cap moves on its way to new all-time highs.
In the analysis, they explain that the digital asset is currently at a point where it is undergoing significant distribution, and this will explain the decline in price. The pullback in and of itself is no cause for alarm, as minor corrections after major surges are normal. In addition to this, there is a lot of accumulation going on as Bitcoin moves from the hands of old investors into the hands of new investors at a higher cost basis.
The accumulation is expected to move Bitcoin into the next bullish wave. This bullish wave is the next step in the trend as the BTC price moves into place for the next price surge. Once the volume moves upward as expected, then the asset’s price is expected to follow in succession.
BTC Price Could Hit $130,000 Target After Breakout
Going by the analyst’s chart shared on the TradingView website, the Bitcoin price correction is not expected to last for long. Mainly, holding the $107,000 support becomes paramount at this level as this could set the launchpad point for the next bullish impulse.
The completion of the accumulation phase puts the next breakout level as high as $130,000, which would be an over 20% increase from the current level. However, this may not be the end as the crypto analyst has set a swing target for as high as $150,000.
As for the timeline for when this could happen, the crypto analyst places a long-term target for the end of the year 2025. But there is also the possibility that the trend would be completed sooner and the Bitcoin price could reach its target and new all-time highs before the year runs out.
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