{"id":39695,"date":"2025-01-28T15:30:31","date_gmt":"2025-01-28T15:30:31","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=39695"},"modified":"2025-01-28T15:30:31","modified_gmt":"2025-01-28T15:30:31","slug":"bitcoin-price-prediction-analyst-charts-roadmap-to-117000-what-you-should-know","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=39695","title":{"rendered":"Bitcoin Price Prediction: Analyst Charts Roadmap To $117,000, What You Should Know"},"content":{"rendered":"

Bitcoin\u2019s price action in the past 24 hours has been characterized by intense volatility <\/a>as it touched both the lower and upper ends of $98,380 and $103,369, respectively. Technical analysis of the Bitcoin price action on the weekly candlestick timeframe shows that the leading cryptocurrency is on the path to a price target <\/a>of $117,000.\u00a0<\/p>\n

An analyst on the TradingView platform has outlined a detailed roadmap<\/a> for Bitcoin\u2019s journey to this $117,000 price target, highlighting a series of key price zones and market cycles to watch out for.<\/p>\n

Momentum And Resistance Levels On The Way To $117,000<\/h2>\n

Technical trend analysis shows that Bitcoin has been trading in an ascending channel in a weekly candlestick timeframe since Q4 2024, with the price steadily climbing within the channel. As demonstrated in the chart below, the most recent 7-day candlestick is bearish<\/a>, pushing Bitcoin to retest the midline of this ascending channel. This bearish movement reflects temporary selling pressure but aligns with the broader pattern of corrections within an overall uptrend.<\/p>\n

A rebound is expected from here, which would send Bitcoin on another move toward the upper trendline. Interestingly, a move toward the upper resistance zone puts the price target around $117,000, marking a significant milestone for Bitcoin. Nonetheless, there remains a potential downside risk, and the journey to $117,000 is not expected to be linear.<\/p>\n

According to the analyst, Bitcoin may witness a pullback to the zone between $95,000, $97,000, and $100,000, which may act as a consolidation region before Bitcoin resumes its upward trajectory. This zone coincides with previous support levels and trendlines, further solidifying its significance as a critical area for accumulation and stability. The Harmonic Fibonacci projection tool also suggests the pullback to the range between $97,000 and $95,000 could form a \u201chealthier setup\u201d for a sustained rally.<\/a><\/p>\n

Furthermore, temporary resistance near $108,000 could also slow Bitcoin\u2019s climb. This level is even more notable, considering the fact that it is the current all-time high that would need to be surpassed<\/a>. The overall long-term structure remains bullish even with the potential pullback, with higher highs and higher lows forming on the roadmap to $117,000.<\/p>\n

Bitcoin\u2019s Market Cycles Across Multiple Timeframes<\/h2>\n

The analyst also looked into Bitcoin\u2019s market cycles across different timeframes. On the daily chart, Bitcoin is currently in Cycle 2, which the analyst describes as a phase with little buying momentum. Entering at the current level carries a higher risk, and Cycle 1 would need to return for an entry point. The weekly timeframe also reflects Cycle 2 at the top of the chart. This placement often transitions into Cycle 3, which could lead to significant price movement either upward or downward.<\/p>\n

Related Reading: Bitcoin Long-Term Holders Officially Enter Into Greed Territory, Is This Good Or Bad For Price?<\/a><\/p>\n

On a two-week timeframe, Cycle 1 is present but is also positioned at the top, which is also not a good entry point. However, the removal of a recent sell signal suggests that the immediate risk of Bitcoin dropping below $97,000 has diminished,<\/a> but is not totally over.<\/p>\n

At the time of writing, Bitcoin is trading at $102,700<\/a> and is up by 4% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price action in the past 24 hours has been characterized by intense volatility as it touched both the lower and upper ends of $98,380 and $103,369, respectively. Technical analysis of the Bitcoin price action on the weekly candlestick timeframe shows that the leading cryptocurrency is on the path to a price target of $117,000.\u00a0 […]<\/p>\n","protected":false},"author":0,"featured_media":39696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-39695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39695"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39695"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/39695\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/39696"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}