Bitcoin Price Targets: Analysts Eye $117,000 Resistance

Bitcoin Bulls Aim for $117,000: Key Price Levels to Watch

Bitcoin (BTC) experienced a surge, approaching $113,000 following Wednesday's Wall Street opening, as buyers attempted to solidify a market rebound. However, analysts are providing varied outlooks, highlighting crucial price points to monitor.

Key Takeaways:

• Bitcoin traders are closely watching key price levels for confirmation of a bullish uptrend.
• The risk of a double top formation persists, with $102,000 as a potential target if current support fails.
• Some analysts suggest the current Bitcoin bull market may be approaching its later stages.

$112,000: The Level to Watch

Bitcoin reached local highs of $112,646 on Bitstamp. After recovering over $3,000 from recent lows, the cryptocurrency's next direction remains uncertain, according to market participants.

Trader BitBull noted in a post on X that "$BTC has reclaimed its EMA-100 level" around $110,850. They added, "If BTC holds this level, I wouldn't be surprised to see a rally towards $116K-$117K level."

Roman, while holding a bearish view, emphasized the significance of the $112,000 level, stating, "If 112k support is truly lost, 102k support should be next. Also looks like a double top is confirming here." He anticipates lower prices in the short term unless $112,000 support is reclaimed.

Historical Patterns and Bull Market Duration

Rekt Capital highlighted similarities between the current BTC price pullback and historical bull market patterns. "History doesn't always repeat but it often rhymes," he summarized, noting that Bitcoin has entered its second "price discovery correction." He suggests this pullback is likely to be shallower and shorter than previous corrections.

The duration of the bull market is also under debate. Rekt Capital suggests October could mark a potential trend change based on historical cycles. This contrasts with David Bailey's view that another Bitcoin bear market is still years away, citing increasing institutional adoption.

As markets evolve, Codeum remains dedicated to delivering insights on blockchain security. Smart contract audits can safeguard investments, mitigating unforeseen risks during market volatility.