Bitcoin forms a short-term segment, seeing the $100,000 rally
After weeks of selling Bitcoin from the tree, one market analyst predicts that the conditions for the big sell will be around $100,000 to $110,000.
In a recent video, trader Mister Crypto said Bitcoin (BTC)'s short-term structure shows signs of stabilization following what he described as “capitulation” across the market. While the big players who are counted with DeWard's behavior are sleeping in the high fruit region, while there are new players, they are a mixture of historical stops when they are shocked by the historical earthquake.
One of the main technical indicators mentioned is the Bitcoin Relative Strength Index (RSI) on the weekly chart, which is approaching the 30 level. Here to Bitcoin out exce. We have reached the level of 30. Boom,” he said.
As the analyst has already mentioned, in previous cycles, this zone closes with the market bottlenecks. He said that the current setup was usually a temporary change, noting that the start of a new bull run is not guaranteed.
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$102,000 level in focus
Another thing that is more than 10 weeks is the moving average of more than 50 weeks. According to the analysis, Bitcoin has been re-adjusted to this level repeatedly after being stuck in previous market cycles. The hope is that he can return to six images before two people who can pick up the bud that can lift the price at the moment.
Macro conditions are feeding optimism in the near future. The analysis indicates that the number of interest rates will be cut from another interest rate at the upcoming policy meeting, and the expectations of the monetary tightening will soon be indicated. Both developments tend to stabilize risk-adjusted assets, such as Bitcoin, by easing liquidity.
However, he continues to be cautious about the long-term view. The analyst said the broader market is in captivity. In time, he warned that a decisive humor could follow a sudden weakness that is still not pleasant.
Related: Crypto some after 18 days from “extreme fear” is triggered
From “Twisted Fear”
After 18 days in the “extreme fear” after 18 days “extremely serious” and greed index finally rose to the “fear” level to the “fear” level.
Meanwhile, as a flag that the current price does not expect the macro to increase, the brake is the main component of the main component of the component. Bibikonin is now in March 2020 when the market is worried in the dark when the prices are in line with the Kodiak paralysis.
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