Bitcoin (BTC) could not hold on to the recovery attempts during the week, signaling selling by the bears at higher levels.
Although buyers failed to push the price above $100,000, they have not ceded much ground to the sellers.
This suggests that the bulls are holding on to their positions as they anticipate another leg higher.
Crypto mining firm Blockware Solutions said in a market forecast report viewed by Cointelegraph that Bitcoin’s base case target for 2025 is $225,000.
Even the bear case target of $150,000 is way higher than the current price. The bull case target is a hefty $400,000.
Bitcoin closed below the 50-day simple moving average ($96,124) on Dec. 27, indicating that the bulls are losing their grip.
Buyers tried to push the price back above the 50-day SMA on Dec. 28, but the bears held their ground.
The 20-day exponential moving average ($97,257) has started to turn down, and the relative strength index (RSI) is in the negative territory, indicating advantage to bears.
The BTC/USDT pair could slide to the $90,000 support, where the bulls are expected to mount a strong defense.
If the price rebounds off $90,000 and rises above the moving averages, it will signal solid demand at lower levels.
Buyers will have to drive the price above $100,000 to seize control. The pair may then climb to $108,353.
The 4-hour chart is forming a head-and-shoulders pattern, which will complete on a break and close below the neckline.
If the price stays below the neckline, the pair could plummet to $85,000 and then to the pattern target of $76,647.
This negative view is likely to be invalidated in the near term if buyers push and maintain the price above $100,000.
That could open the doors for a retest of the all-time high at $108,353. If this level is crossed, the pair may jump to $124,206.
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