CandleFocus Bitcoin’s Path to $160K: Key Levels and What’s Next for Traders
2025-02-04
Author: Content Editor
Renowned technical analyst Crypto Patel has provided insights into Bitcoin's trajectory, highlighting key levels, potential corrections, and strategic opportunities. Patel emphasizes the significance of the $92,000 support level, which has weakened due to repeated tests. A breakdown below this level could trigger a major sell-off and panic-driven downturn. Patel foresees a necessary correction within the $70,000 to $75,000 range before Bitcoin potentially rallies to new highs. The technical setup includes a bullish Head and Shoulders pattern formation, indicating a potential run towards $160,000. Maintaining the $92,000 support zone is crucial for BTC's long-term trajectory. Patel suggests closely monitoring this level for potential buy-the-dip opportunities. The chart also highlights minor support levels within an ascending channel for risk management and trade execution.
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