Key Points:
Bitcoin traders reveal the key BTC price points for a bullish rebound.
There is a "double top" risk in the price, and if support fails, $102,000 will become a focal point.
If history serves as a reference, there is not much time left for the Bitcoin bull market.
Bitcoin (BTC) approached $113,000 after the Wall Street opening on Wednesday, with buyers attempting to solidify the market rebound.
According to data from Cointelegraph Markets Pro and TradingView, BTC reached a local high of $112,646 on the Bitstamp platform.
BTC/USD rose over $3,000 from the previous week's low, but subsequent trends still sparked market divergence.
Well-known trader BitBull posted on the X platform, stating, "BTC has returned to its 100-day exponential moving average (100EMA) level," which is the 100-day EMA at $110,850.
"This level is crucial for forming a bottom, and bulls still hold the situation. If BTC maintains this level, the price is expected to surge to the $116,000-$117,000 range."
Despite the overall bearish sentiment, another trader, Roman, announced this week that the Bitcoin bull market has ended, emphasizing the importance of $112,000.
He stated on the X platform that we are currently in a breakdown and bearish retest phase. If the $112,000 support fails, the next support level will be $102,000, where a double top structure seems to be forming.
Renowned trader and analyst Rekt Capital pointed out the similarities between the current BTC price correction and previous bull markets.
He summarized, "History does not repeat itself, but it often rhymes," confirming that the price has entered the second round of "price discovery phase adjustment."
Market participants also have differing views on how long the bull market can last.
For Rekt Capital, historical experience suggests that October is the deadline for a bearish trend reversal.
This contrasts with the view that the next Bitcoin bear market will not arrive for several years—an opinion put forth by David Bailey, a Bitcoin advisor to former U.S. President Trump, on the X platform.
Bailey stated on X last weekend, "There will not be a new round of Bitcoin bear market in the coming years," while noting that BTC is accelerating towards institutional asset development.
Related: Pionex fee reduction proposal is nearing approval, with strong voting momentum.
Original article: “Bitcoin Trader Expects BTC to Rise to $117,000, Price Reclaims Key Trend Line”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
