Related Reading: ETH/BTC’s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle Additionally, Donald Trump‘s plans to appoint a White House crypto advisor have provided a significant boost to the BTC price, propelling it to current levels and enabling it to break through important resistance lines. Based on the above chart, Zwin reveals that Bitcoin has entered five new impulsive waves from the Elliott wave theory.
This bullish development occurred after the cryptocurrency broke past key resistance lines. Moreover, Zwin’s Bitcoin price chart showcases a "Bump and Run Top Pattern,” with the cryptocurrency already completing the "Bump phase” and entering a "Run phase.” Taking this into consideration, the analyst has predicted that if Bitcoin can surge above $98,700, investors and market watchers should expect it to skyrocket to $100,000. Featured image created with Dall.
A crypto analyst has revealed that a decline to $89,000 was well within possibility, as sell-offs below the $100,000 mark have continued to hinder Bitcoin’s price upward momentum. Bitcoin Price Correction To $89,000 Possible On November 26, TradingView crypto analyst Pejman Zwin shared a detailed chart representing a technical analysis of Bitcoins price movements in a 1-hour time frame.
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