The price of Bitcoin has experienced intense volatility in the past 24 hours, ranging from $98,380 to $103,369. Technical analysis suggests that Bitcoin is on track to reach a price target of $117,000. An analyst has outlined a roadmap for Bitcoin's journey to this target, highlighting key price zones and market cycles to watch. Bitcoin has been trading in an ascending channel since Q4 2024, with the most recent candlestick showing a bearish movement. However, a rebound is expected, pushing Bitcoin towards the upper trendline and the $117,000 price target. There is a potential downside risk and the journey to $117,000 is not expected to be linear. A potential pullback to the range of $95,000 to $100,000 may act as a consolidation region before Bitcoin resumes its upward trajectory. Temporary resistance near $108,000 could also slow its climb. The overall long-term structure remains bullish with higher highs and higher lows forming on the roadmap to $117,000. Bitcoin is currently in Cycle 2 on both the daily and weekly charts, with little buying momentum. The analyst suggests waiting for Cycle 1 to return for a better entry point. On the two-week timeframe, Cycle 1 is present but not at a good entry point. However, the risk of Bitcoin dropping below $97,000 has diminished. Currently, Bitcoin is trading at $102,700, up 4% in the past 24 hours.



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