Bitcoin Poised for Ascent as Analyst Declares Crash Over, Eyes $117,000
After a week of intense volatility that saw Bitcoin flash crash to $101,000, the leading cryptocurrency has demonstrated remarkable resilience, stabilizing above critical support levels. Crypto analyst Tyrex believes the worst of the downturn is behind us, setting the stage for Bitcoin to embark on a significant upward trajectory, potentially reaching $117,000.
Reinforcing the Bottoming Thesis
Tyrex's optimistic outlook stems from Bitcoin's repeated defense of the $108,000 to $105,000 zone. Despite continuous selling pressure throughout the week, the price action remained firmly anchored around this critical area, suggesting a robust support base. This sustained hold implies that the market has likely "bottomed out," with the recent dramatic fall serving to flush out excessive leverage rather than signaling a deeper, long-term weakness. Historically, such strong recoveries following major drawdowns have often preceded powerful rallies in previous Bitcoin market cycles.
The Road Ahead: Targets and Broader Market Impact
Bitcoin's current consolidation phase is seen as a foundation for its next leg higher. Tyrex projects a climb towards $117,000 once short-term resistance levels are breached. As the weekend approaches, a close above $105,000 is crucial, which could trigger a breakout towards $111,000 and eventually the $117,000 target. Beyond Bitcoin, the analyst anticipates that altcoins, which largely mirrored Bitcoin's recent downturn, will follow its lead once a decisive upward movement is established. However, failure to maintain support above the $105,000 mark could still open the door for further downside.
