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The cryptocurrency market is currently experiencing increased volatility, in particular with Bitcoin (BTC) fluctuating considerably. Recently, the price has decreased below $ 99,000 before rebounding at more than $ 106,000 in the space of only 24 hours.
Haussier bitcoin configuration in the middle of geopolitical tensions
In a recent job On the social media platform X (formerly Twitter), analyst Cyclop suggested that despite current market conditions, BTC presents a bullish configuration that recalls the models observed in March 2020.
The analyst noted that Bitcoin seems to reflect his past movements, with a brief decline followed by a rally for BTC and Altcoins. Cyclop has led to parallels between the ongoing geopolitical tensions involving Israel, Iran and the United States and the market dynamics observed during the COVVI-19 accident.
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While recognizing that geopolitical conflicts And panic of the global market is distinct problems, he stressed that the two scenarios have led to net but temporary sales followed by rapid recovery.
According to Cyclop, the current market configuration displays similar characteristics: generalized fear, a feeling of risk among investors and global uncertainty.
He stressed the importance of understanding the moment of resolution to these tensions, which suggests that for a robust gathering, several bull catalysts are necessary to alleviate the uncertainty of the market. He identified three key factors: the potential Interest rate dropsA ceasefire between Iran and Israel, and Bitcoin has crucial levels of support.
$ 120,000 by the end of the year?
Recently, a ceasefire was declared after 12 days of intense conflict between Iran and Israel. In a notable public statement, President Donald Trump criticized the two nations, suggesting that their actions were wrong.
This period of relative calm is considered a positive indicator for the market. Cyclop stressed that maintaining the level of $ 100,000 for Bitcoin was crucial, and the cryptocurrency managed to cross the $ 106,000 barrier, reporting more in -depth growth.
In addition, Ethereum (ETH) has also shown signs of rapid recovery alongside Bitcoin with its price approaching the key level of $ 2,500. Cyclop advised investors not to try to perfectly timed the market, because inversions can often feel disturbing and uncertain.
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For the future, Cyclop anticipates a consolidation phase for Bitcoin in the range of $ 102,000 to $ 106,000, with expectations of an escape that could push BTC to a top of around $ 120,000 by November or December of this year.
When writing these lines, Bitcoin is traded at $ 106,500 per room. Despite continuous economic uncertainties, the main cryptocurrency of the market experienced a 75% increase in the year.
However, Bitcoin is still negotiating almost 5% below its record summit of $ 111,800, which was reached on May 23. The most important level of resistance is $ 110,200, which prevented a new price discovery phase for Bitcoin twice.
Dall-e star image, tradingView.com graphic