Bitcoin investors are closely watching for signs of volatility as the new trading week approaches. Bitcoin has spent the weekend consolidating, but this could indicate a potential breakout.
Looking at the bigger picture, Bitcoin’s current price action is part of a larger cycle that started in late 2022. According to the Elliott Wave theory, the market has gone through multiple waves, and we may be nearing the end of the current cycle. The first wave completed in April 2023, followed by corrections and rallies. Currently, the market seems to be completing wave five, which could signal another high before a major correction.
For short-term traders, Bitcoin’s price action has been consolidating with minimal movement over the weekend. The nearest support levels are between $95,900 and $96,530. A move above the $98,500 level would confirm further upside, with key resistance levels at $99,000 and $100,200.
The next key resistance target for Bitcoin is around the $30k region, a significant Fibonacci level. This level could act as a milestone, indicating the final push in this cycle. However, even if Bitcoin reaches this level, it may experience a larger correction afterward.
In a recent CNBC interview, Jim Cramer, host of “Mad Money,” recommended $90,000 as the next price point for those looking to buy Bitcoin. He explained the importance of monitoring Bitcoin’s price and said $90,000 could be a good entry level for new investors. Cramer believes that Bitcoin’s long-term potential makes it a solid investment, even at higher prices.
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