Bitcoin Faces $93,500 Support Test Amid Recovery Risk
1min read Crypto analyst Rekt Capital has highlighted that the recovery of Bitcoin's price is at risk if it fails to maintain a specific level. If this support level is not held, the leading cryptocurrency could experience a crash that erases all the gains it has made over the past week.
According to Rekt Capital, Bitcoin needs to stay above $93,500 to avoid another crash. The analyst noted that the downside deviation is nearing its end, but Bitcoin must stabilize above this support level of $93,500. Ideally, the leading cryptocurrency needs a weekly close above this level and should reclaim it as new support to realign with the former Reaccumulation range.
Bitcoin's price has already surged above $93,500 this week as investors viewed it as a safe haven amid market uncertainty caused by various factors. However, as Rekt Capital suggested, Bitcoin now needs to hold above $93,500 to confirm this breakout and avoid a potential bull trap.
If Bitcoin can maintain above this crucial support level, it is likely to reclaim the $100,000 mark and potentially reach new highs. Rekt Capital's accompanying chart indicated that Bitcoin could rally to as high as $110,000, setting a new all-time high for the leading cryptocurrency.
Another analyst, Ezy Bitcoin, predicted that Bitcoin's price could rally to as high as $166,700. He stated that the Wyckoff Re-accumulation phase is unfolding positively. The analyst further remarked that the structure points toward continued strength with the spring confirmed and the price jumping across the creek. Ezy Bitcoin outlined $131,500, $144,900, and $166,700 as the targets if this bullish momentum holds.
CrediBULL Crypto, another crypto analyst, stated that Bitcoin needs one more leg on the lower timeframes to confirm the breakout. If this happens, he asserted that dips are for buying until Bitcoin reaches at least $150,000. His accompanying chart showed that the leading cryptocurrency could break above $100,000 again on this next leg up.
However, if Bitcoin does not record another leg to the upside and instead corrects below $89,000 first, CrediBULL stated that Bitcoin would end up with a 3-legged corrective structure. He added that this would mean market participants have to wait longer for the “real” breakout.
