Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
A prominent crypto analyst with X username PlanD has backed Bitcoin to maintain its uptrend despite some significant price retracement in the past week. Notably, PlanD states the premier cryptocurrency remains on course for a $340,000 price point but only if a specific support zone remains valid.
Bitcoin Bullish Momentum Hinges On $91,000 – $100,000 Support Structure
In an X post on May 31, PlanD outlined Bitcoin’s potential to soon re-enter price discovery mode regardless of the recent price dip. Since hitting a new all-time high at $111,970, the flagship cryptocurrency has slipped into a minor corrective phase, forcing market prices to go below $104,000.
However, PlanD explains that Bitcoin’s price action has a 3-year giant cup and handle pattern that postulates the digital asset is set for immense price gains in the current bull cycle. The cup-and-handle pattern is a common chart pattern that signals a bullish continuation in price movement.
As illustrated in the chart above, the cup is formed Bitcoin’s crash from its previous all-time high at $69,000 in November 2021 followed by a stabilization and recovery period which lasted until March 2024 when Bitcoin returned to the same price level.
This is followed by the handle which is the descending channel as seen from March 2024 to around October 2024 before Bitcoin achieved a decisive price breakout above the neckline of $76,000 in November 2024. Despite registering impressive strides from this price point to around $112,000, PlanD notes that the Cup-and-Handle pattern tips Bitcoin to hit a price target of $340,000 before 2025.
Amidst the ongoing retracement, the analyst states that this bullish structure remains in place as long as Bitcoin remains above the support price zone of $91,000-$100,000. Provided the premier cryptocurrency does not fall below this price level, the ongoing correction is expected to serve as mere pullback in preparation for a major upswing.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $104,739 following a minor price gain of 0.64% in the past day. Meanwhile, the asset’s daily trading volume is valued at $40.03 billion following a 31.28% increase in the past day.
Despite this slight price increase in the past day, Bitcoin must return to its current all-time high at $111,970 to neutralize any current bearish potential. However, the premier cryptocurrency will face familiar resistances at the $106,000 and $109,000 to achieve this task.
Featured image from Getty Images, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.
In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.
In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.
Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.
Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.
Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.
Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.
Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
