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The Bitcoin price is still in a correction phase under $100,000, as it is currently down by 1.93% in the past 24 hours. Nonetheless, crypto analyst Titan of Crypto is sure that the leading cryptocurrency is still maintaining its trajectory to the $110,000 mark. According to the analyst, Bitcoin at $110,000 is inevitable, although there remains the possibility of more price declines in the short term.
Bitcoin Price $110,000 Path And Current Correction Phase
Bitcoin fell short of the $110,000 mark when it peaked at $108,135 on December 17. However, the cryptocurrency has been on a notable correction path since then and is currently about 12% below this price level. Interestingly, the Bitcoin price even corrected to $92,600 on December 23, which translated to a 14.36% decline in five days from the $108,135 all-time high.
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Although the Bitcoin price has recovered a bit since then, it has extended its correction below the $100,000 psychological threshold without any sign of a strong break to the upside.
However, Titan of Crypto reaffirmed his long-term bullish stance on Bitcoin, stating that the $110,000 price level is “inevitable.” According to his analysis, Bitcoin is only undergoing a correction phase, a necessary consolidation before its next upward movement.
Although the correction has largely held up above $90,000, there is still a possibility of a break below during this consolidation phase. With this in mind, Titan of Crypto highlighted that if Bitcoin were to experience further declines, the $87,000 mark could represent the “maximum pain.” This is the lowest threshold that the Bitcoin price can go to in order to keep the bullish sentiment alive among Bitcoin holders.
Technical Analysis Shows Cup And Handle Pattern In Play
The technical analysis is based off of Bitcoin’s price action after breaking out of the neckline of a cup and handle pattern. According to the chart below, this cup and handle pattern played out throughout the 2022 bear market, the 2023 recovery, and the 2024 bull market. Recent bullish price action in October and November saw the Bitcoin price breaking above the neckline, which opened up the stage for a bullish run.
In a prior post immediately after the breakout, Titan of Crypto highlighted a price target of around $110,000, although noting the possibility of a correction before reaching the target. This correction has played out exactly as intended with the recent price decline in the past two weeks.
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At the time of writing, Bitcoin is trading at $95,906. Reaching the $110,000 target would translate to a 15% return on investment from the current price.
In another analysis posted on social media platform X, the analyst hinted at the possibility of $120,000 being the peak for Bitcoin this cycle based on Fibonacci Circle analysis. This price target dwarfs in comparison to predictions from other analysts, with projections ranging from $250,000 to $1 million.
Featured image created with Dall.E, chart from Tradingview.com