The crypto market has rebounded from the correction which lingered through last week, and Bitcoin now trades at $111,274.
An analyst on 20 October suggested that the asset is ready to head for a $120,000 price but the key resistance around the current price is the only hindrance.
He’s however hopeful that the asset will break through the resistance within the week and continue till it gets to $120,000.
New week holds promise
Towards the end of last week, Bitcoin saw a major correction that caused a price drop to $105,000, but the coin has made a reasonable recovery.
Currently trading well above $111,000, the analyst Michaël van de Poppe says Bitcoin will likely break through this level within the week, setting the pace for a $120,000 price.
If $120,000 price is in, it means higher prices could be on the way as well, leading to the eventual reclaiming of the lost all-time high.
This will make a significant difference not just for Bitcoin but the entire crypto market since it follows Bitcoin’s price actions most times.
Last week, the market also experienced a correction following Bitcoin’s dip, leading to several altcoins losing significantly, but they have also recovered slightly with Bitcoin.
Sustained recovery will ultimately depend on the decision of investors, many of which are yet to recover from the shock of incessant corrections in the last week.
Fear still lingers
While Bitcoin has made some notable recovery to its current price, fear still lingers in the market as investors are still watching from the sidelines.
The Bitcoin Fear and Greed Index still points to fear, with its value currently at 30 which is abysmally low compared to other times.
So much fear despite the recovery suggests that higher prices are still in view and Poppe’s prediction is reasonable and within reach not long from now.
What do you think?
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