Bitcoin Price Prediction: Can Cramer’s $90,000 Support Take BTC Above $100,000?

The post Bitcoin Price Prediction: Can Cramer’s $90,000 Support Take BTC Above $100,000? First appeared on Coinpedia Fintech News

As a new trading week approaches, Bitcoin investors are closely watching for signs of volatility towards the end of the day, especially as the weekly candle closes. Bitcoin consolidated over the weekend, but this could be a sign of a potential breakout.

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 through several waves and we may be nearing the end of the current cycle. The first wave was completed in April 2023, followed by a series of revisions and rallies. The market currently appears to be completing wave 5, which could signal another high before a major correction.

Short-Term Price Action: Identifying Support and Resistance

For short-term traders, Bitcoin’s price action was consolidated over the weekend with minimal movement. The nearest support level is between $95,900 and $96,530. A break above the $98,500 level would confirm further upside, with key resistance levels being $99,000 and $100,200.

Key Fibonacci levels and potential upside targets

Bitcoin’s next major resistance target can be seen near the $30,000 area, a significant Fibonacci level. This level can serve as a milestone signaling the final push of this cycle. However, even if Bitcoin reaches this level, a larger correction could occur later.

Will Bitcoin fall to $90,000?

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