Bitcoin Price Prediction: Can Cramer’s $90k Support Move BTC Above $100k?

The post Bitcoin Price Prediction: Can Cramer's $90k Support Move BTC Above $100k? It first appeared on Coinpedia Fintech News

As the new trading week approaches, Bitcoin investors are closely watching for signs of volatility, especially as the weekly candle approaches at the end of the day. Bitcoin spent the weekend consolidating, but this could indicate that it could happen.

Looking at the bigger picture, Bitcoin's current price action is framed within a larger cycle that began in late 2022. According to Elliott Wave theory, the market has moved in several waves, and the current cycle is nearing its end. The first wave was completed in April 2023, followed by a series of corrections and rallies. Currently, the market seems to be completing wave five, which may indicate another high before a major correction.

Short term price action: identifying support and resistance

For short-term traders, Bitcoin price action is consolidating with minimal activity over the weekend. Recent support levels are between $95,900 and $96,530. A break above the $98,500 level would confirm further exposure, with key resistance levels at $99,000 and $100,200.

Key Fibonacci levels and possible upside targets

Bitcoin's next key resistance target appears around the $30k range, a significant Fibonacci level. This stage can be used as a milestone that marks the final push in this cycle. However, even if Bitcoin reaches this level, it may face a major correction afterwards.

Will Bitcoin fall to $90k levels?

In a recent CNBC interview, “Mad Money” host Jim Cramer recommended $90,000 as the next price point for those looking to buy bitcoin. He explained the importance of controlling the price of Bitcoin and said $90,000 could be a good entry level for new investors. Cramer believes Bitcoin's long-term potential makes it a solid investment even at higher prices.