Bitcoin's Bold Path: Analyst Projects $131,000 Horizon Driven by Volume Shelf Dynamics
Following a period of correction in late July, the Bitcoin market has shown a measured recovery, only to face another price rejection, currently positioning it within the $116,000 range. Despite this volatility, a prominent market analyst points to underlying trading activity as a strong indicator for a significant upward trajectory, potentially leading to a new all-time high.
The Volume Shelf Strategy Unveiled
Financial market analyst Donald Dean recently shared a highly bullish prediction for Bitcoin, emphasizing the significance of a "volume shelf" on the BTCUSDT daily chart. A volume shelf, in technical analysis, denotes a price level where a substantial amount of trading volume has transpired. These zones often serve as robust support or resistance points, signaling concentrated buying or selling interest. Dean's analysis highlights Bitcoin's current hovering around a critical volume shelf between $116,000 and $118,000. Should Bitcoin decisively consolidate above this range, it suggests ample buying interest to propel the cryptocurrency higher.
Future Projections and Current Market Pulse
Dean further anticipates that this period of accumulation will generate the necessary momentum to push BTC towards the 1.618 Fibonacci extension level, colloquially known as the "golden ratio." This key technical milestone is strategically positioned around $131,000, marking Bitcoin's next major price target. Achieving this level would represent a potential gain of nearly 13% from current market prices. At the time of this report, Bitcoin was trading at approximately $116,756, experiencing a slight 0.02% decline over the preceding 24 hours, with trading volume standing at $55.24 billion. Despite a drop in trading volume, market sentiment remains robustly bullish, as reflected by a Fear & Greed Index of 67. However, some analysts foresee Bitcoin maintaining its current range, with projections of $117,167 in five days, $115,980 in thirty days, and a potential dip to $112,688 over the next three months.
