Bitcoins Rise to 100000 Exploring Possibilities of a Short Shakeout Prior to a Major Breakout

Renowned analyst Sheldon made an appearance on Crypto Banter’s channel and highlighted that Bitcoin’s current price of $71,000 indicates a strong resurgence in the market. Despite some minor concerns in the stock market, Bitcoin has remained resilient, providing a positive boost. The current focus is on the potential surge in altcoins.

Sheldon emphasized that Bitcoin has kickstarted this surge, with the key milestone being the $72,000 mark. This suggests a possible breakthrough of previous all-time highs, signaling the beginning of an optimistic phase in the market cycle on higher time frames.

He noted that the previous strong resistance level around $65,000 has now shifted to approximately $72,000. This shift indicates the possibility of a significant short squeeze, which could lead to a market surge if Bitcoin surpasses its all-time high. Currently trading between $71,000 and $72,000, Bitcoin is facing a strong resistance zone. While reaching $72,000 to $73,000 may take some time, a breakout could result in a rapid price surge.

Sheldon outlined three potential scenarios:
– Liquidation Trap: Bitcoin could quickly rise to around $76,000, followed by a brief shakeout before continuing its upward trajectory.
– Pullback and Surge: Bitcoin might experience a small pullback to around $70,000 or $69,500 before shooting up.
– Continuous Rally: A trap may not occur, and Bitcoin could surpass all-time highs, potentially reaching around $84,000 in a few days. The ultimate target is $100,000, though this is a longer-term goal.

Drawing from past market cycles, Sheldon recognized a familiar pattern of a brief downturn before entering an optimistic phase, underscoring the importance of strategic market entry. As of the current update, Bitcoin is trading slightly above the $71,000 mark.

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