A prominent encryption analyst with X Username Pland Bitcoin to maintain its trend despite some important decline in prices last week. It is worth noting that Pland states that the first cryptocurrency remains on its path for a price point worth 340,000 dollars, but only if a specific support area remains valid.
Bitcoin’s bullish momentum depends on $ 91,000 – $ 100,000 support structure
in X post On May 31, PLAND has identified Bitcoin capabilities to re -enter the price detection mode soon regardless of the last price decreased. Since reaching the highest new level ever at $ 111,970, the leading currency has slipped in the simple corrective stage, forcing market prices at less than 104,000 dollars.
However, Pland explains that Bitcoin has a 3 -year giant cup and deals with the pattern that assumes digital assets to determine huge price gains in the current bull cycle. The cup style and embrace is a common planning style indicating a continued rise in price movement.
As shown in the above chart, the cup was formed from the Bitcoin collapse from its highest level ever at $ 69,000 in November 2021, the fastening and recovery period that lasted until March 2024 when Bitcoin returned to the same price level.
This is followed by the handle, which is the concession channel as shown from March 2024 to October 2024 before Bitcoin achieved a decisive outbreak of prices over the $ 76,000 neckline in November 2024. Although great steps from this price are registered to about 112,000 dollars, Pland notes that the cup and cycle pattern is called to reach the target of $ 34,000 before 2025.
In the midst of the continuous decline, the analyst states that this upper structure remains in place as long as Bitcoin remains higher than the support price zone ranging between 91,000-100,000 dollars. Provided that the first cryptocurrency is no less than this price level, it is expected that the continuous correction will be just a decline in preparation for a significant height.
Bitcoin price overview
At the time of this report, Bitcoin trades $ 104.739 after a simple profit of 0.64 % last day. Meanwhile, the value of the daily asset trading volume is 40.03 billion dollars after an increase of 31.28 % last day.
Despite this simple price increase last day, Bitcoin should return to the highest current levels ever at 111,970 dollars to neutralize any current declining potential. However, the first cryptocurrency will face familiar resistance at $ 106,000 and $ 109,000 to achieve this task.
