The Bitcoin price has struggled to reclaim previous price highs above $100,000, with bearish sentiment dominating the market. Currently, the Bitcoin price is retesting the support line of an Ascending Channel after crashing below $95,000. A crypto analyst has predicted that if it can hold this key support level, it could stage a recovery and skyrocket to its next bullish target, aligning with the upper resistance line of the channel. 

Bitcoin Price Retest Support Line; New Target In Sight

In a chart illustrating Bitcoin’s price movement within an Ascending Channel, Trader Tardigrade, a crypto analyst on X (formerly Twitter), revealed that the cryptocurrency has temporarily declined below the lower support line on the channel. The analyst labeled this decline a “False Break,” highlighting that the Ascending Channel remains intact despite the drop. 

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As indicated by the red circle in the price chart, the False Break suggests that Bitcoin’s brief move below the support level was short-lived and does not confirm the continuation of its previous downtrend. Trader Tardigrade noted that after Bitcoin’s False break, the cryptocurrency quickly moved back into the Ascending Channel to reclaim the lower support line. 

Interestingly, Bitcoin’s drop below the False break comes as the pioneer cryptocurrency experienced a sharp price crash below $95,000. Lately, the flagship cryptocurrency has been under significantly bearish pressure, recording notable declines as market volatility intensifies.  

Despite this bearish performance, Trader Tardigrade has disclosed that Bitcoin is now retesting the channel’s support line again, aiming to break above and trigger a price reversal. The analyst predicts that if Bitcoin can hold this support line, it will likely continue moving upwards within the channel. 

Consequently, the analyst has forecasted that Bitcoin’s next price target would be the upper resistance line of the Ascending Channel. Looking at the price chart, the channel points upwards towards a range between $110,000 and $112,000. 

If Bitcoin can successfully recover toward the upper resistance line, it could signal the continuation of a bullish trend within the Ascending Channel. Additionally, a breakout above the resistance line could further validate the bullish momentum, setting up a stage for Bitcoin to potentially target higher price levels and possibly retest its all-time high. 

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Analyst Says Bitcoin Could Crash To $87,000

Bitcoin is currently in a downward trend, experiencing severe price declines despite analysts’ optimistic projections of a price surge. According to crypto analyst Titan of Crypto, the Bitcoin price could see another decline, with the support level at $87,000 being the next target. 

However, according to the analyst, a drop to this price low could bring “maximum pain” to both short—and long-term investors. Nevertheless, Titan of Crypto believes this severe price decline could also present a strong foundation for Bitcoin’s next price rally. 

He emphasized that price movements are rarely linear, highlighting the crypto market’s inherent unpredictability and volatility. Despite Bitcoin’s bearish behavior, Titan of Crypto confidently predicts that a price rally to $110,000 is inevitable. 

Featured image created with Dall.E, chart from Tradingview.com

Incarcerated former FTX executive Ryan Salame appears to have already slashed a year off his prison sentence.

Data from the U.S. Federal Bureau of Prisons indicates Salame’s release date is now March 1st, 2031. The former co-chief executive of FTX Digital Markets reported to prison in October after being sentenced to 7.5 years behind bars, meaning he was initially scheduled for release around April 2032.

Salame pled guilty last year to conspiracy to make unlawful political contributions and defraud the Federal Election Commission (FEC), as well as conspiracy to operate an unlicensed money-transmitting business.

In May, District Judge Lewis A. Kaplan sentenced the former executive to 7.5 years behind bars, but a legal dust-up over the indictment of the mother of his child, Michelle Bond, delayed the start of his prison term.

FTX imploded and filed for bankruptcy in November 2022 amid accusations that founder and CEO Sam Bankman-Fried mishandled the exchange’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research, the firm’s trading arm, to make risky crypto bets that went awry.

The exchange’s multi-billion dollar collapse led to a sharp downtick in crypto prices, and US federal authorities arrested Bankman-Fried the following month. In March, Judge Kaplan sentenced Bankman-Fried to 25 years in prison and three years of supervised release.

He also ordered the 32-year-old to pay $11 billion in forfeiture. Bankman-Fried is appealing his conviction and sentence.

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A closely followed analyst says the crypto bull market’s end is much closer than most traders realize.

In a new thread on the social media platform X, Jason Pizzino tells his 123,400 followers that investor sentiment indicates traders now are closer to the end of the bull market than the start.

“Bitcoin and crypto ‘end-stage’ emotional volatility has dramatically increased which only suggests we are much closer to the end than the beginning of the cycle.

That might seem like an obvious statement now, but wait until the market gets closer to the final top; it won’t be so obvious which is generally a signal within itself.”

In an accompanying video update, Pizzino says historically, when the market gets excited and overconfident, stagnation tends to follow.

“I think a lot of people believe this cycle should run until the end of 2025, but what if we’re seeing a lot of that excitement come back into the market?

Every time it goes up, all I see is just everyone getting super bullish and then it pauses for a bit, corrects, and then we start on the next move. So I’m just keeping an open mind.”

The trader’s chart uses Bitcoin (BTC) as an example. According to Pizzino, the top crypto asset by market cap may correct or trade sideways all the way until October 2025.

“Looking somewhere [between] Q2 out to Q3, just the beginning of Q4… Most people can’t handle six to 10 months.

They talked about a drop of one month and they all freaked out yesterday, it’s absolutely bonkers out there, which is why I think we are in those final moves, basically the end of the cycle.”

BTC is trading at $98,900 at time of writing, a marginal increase on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney