Bitcoins Journey to 100000 Examining Possible Short Shakeout Prior to Major Breakout

Cryptocurrency analyst Sheldon appeared on Crypto Banter’s channel and highlighted Bitcoin’s price reaching $71,000 as a strong indicator of a market resurgence. Despite some concerns in the stock market, Bitcoin remained steady, providing a positive boost. The focus now shifts to the potential squeeze in altcoins.

Sheldon pointed out that Bitcoin has kickstarted the squeeze, with the key barrier being the $72,000 mark. This suggests a possible breakthrough of all-time highs, signaling the beginning of an optimistic phase in the higher time frames of the market cycle.

He elaborated that a significant resistance level was previously at $65,000, but it has now shifted to around $72,000. This implies that a significant short squeeze could occur, potentially leading to a market surge if Bitcoin surpasses its all-time high. Currently, Bitcoin is fluctuating between $71,000 and $72,000, creating a strong resistance zone. While it may take some time to reach $72,000 to $73,000, a breakout could result in a rapid price increase.

Sheldon outlined three potential scenarios:
1. Liquidation Trap: Bitcoin could rapidly rise to around $76,000, followed by a brief shakeout before continuing its upward trend.
2. Pullback and Surge: Bitcoin might experience a minor pullback to around $70,000 or $69,500 before shooting up.
3. Continuous Rally: There may not be a trap, and Bitcoin could simply surpass its all-time highs, potentially reaching around $84,000 in a few days. The next target is $100,000, but this is a target for a longer time frame.

Drawing from past market cycles, Sheldon noted a familiar pattern of a brief downturn before entering the optimism phase, emphasizing the importance of readiness and strategic market entry. At the time of reporting, Bitcoin was trading slightly above the $71,000 levels.

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