Rally

Bitcoin

<p><a href="https://www.thecoinrepublic.com/2024/11/08/bitcoin-btc-maintains-resilience-as-federal-reserve-cuts-interest-rate/">Bitcoin</a>&nbsp;price trajectory faces critical points, with analyst Mikybull Crypto targeting $93K and $121K as resistance levels. Leveraged positions also face liquidation risks around $77,250 for longs and $85,000 for shorts, driving market caution and interest.</p> 
<p>Crypto analyst Mikybull Crypto provides a technical analysis of Bitcoin’s price trajectory. He identified two key levels of interest: $93,000 and $121,000. This analysis sees Bitcoin reaching $93,000 as a very important resistance level. </p> 
<p>When this level is hit, the analyst said he sees a potential pullback. He also sees a consolidation phase before the market stabilizes for the next leg up.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> next area of interest is $93k before pullback and consolidation and then $121k to complete the wave (5). <a href="https://t.co/JeTE02T5Ks">pic.twitter.com/JeTE02T5Ks</a></p>— Mikybull 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1855777057696793049?ref_src=twsrc%5Etfw">November 11, 2024</a>
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<p>The chart follows an Elliott Wave structure ending with the completion of the fifth wave in a sequence. The combined $93,000 pullback could be an end for cashing in on the final phase of this fifth wave into the $121,000 range. </p> 
<p>These targets are marked on the chart with the corresponding Fibonacci extension levels at 1.618 at $93,940 and 2.272 at $121,715. The areas act as hypothetical price targets based on historical prices. They can be used by traders as potential extrapolation figures as to where the prices will escalate.</p> 
<h2 class="wp-block-heading" id="strong-leveraged-btc-positions-face-major-liquidation-risk-at-key-levels-strong"><strong>Leveraged BTC Positions Face Major Liquidation Risk at Key Levels</strong></h2> 
<p>If BTC’s price falls to $77,250, almost $1 billion in leveraged long positions. These are at risk of liquidation, according to Coinglass data. This level could be a tipping point though, and a price dip would cause many leveraged positions to close, leading to a liquidation cascade.</p> 
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 <img loading="lazy" decoding="async" width="735" height="892" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2.png" alt="Source: Coinglass" class="wp-image-826562" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2.png 735w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2-247x300.png 247w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2-150x182.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2-300x364.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-9-2-696x845.png 696w" sizes="auto, (max-width: 735px) 100vw, 735px">
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  Source: Coinglass
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<p>The chart illustrates leverage levels with distinct colors: 10x, blue, 25x, yellow, 50x, red, and 100x. The heavy grouping of red around $77,250 is pointing at an extremely high number of 100x leveraged positions in this zone. The said area is very susceptible to price drops. </p> 
<p>A very slight decline can cause large liquidations. This level also spikes the cumulative leverage volume curve. It furthers the point that almost $1 billion in long positions could be at risk.</p> 
<p>At this critical liquidation threshold, BTC trades above this currently at a small buffer of $81,386. But this proximity portends a precarious situation, as any large fall in price could get close to the $77,250 mark and would trigger widespread liquidations.</p> 
<p>However, a dramatic short liquidation could take place if Bitcoin’s value reaches $85,000. It reveals an estimated $1.29B of short positions at risk. This is the main level of resistance for BTC shorts. A price surge above it could spark off forced buybacks, amplifying upward momentum.</p> 
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  <img loading="lazy" decoding="async" width="705" height="418" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-10-2.png" alt="Source: X" class="wp-image-826567" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-10-2.png 705w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-10-2-300x178.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-10-2-150x89.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-10-2-696x413.png 696w" sizes="auto, (max-width: 705px) 100vw, 705px">
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   Source: X
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<p>Indicated here by a steep red curve is the cumulative short liquidation volume, which increases strongly around $85,000, marking a large number of leveraged short participants prone to a price rise. </p> 
<p>At Bitcoin’s present price level, short sellers risk huge losses when the trigger turns red. A move to $85,000 could kick sell orders loose to the point where a squeeze kicks in, sending prices skyward.</p> 
<h2 class="wp-block-heading" id="strong-bitcoin-market-shows-bullish-momentum-funding-rates-increase-strong"><strong>Bitcoin Market Shows Bullish Momentum, Funding Rates Increase</strong></h2> 
<p>The recent increase in bullish activity has been translating into funding rates, which are a mirror of sentiment in the derivatives market. </p> 
<p>A positive sign for the markets is that higher funding rates indicate traders are willing to pay for the cost to maintain a long position. Bullish sentiment is currently on the rise, but it’s nowhere near the level of the rally seen in Cluster #2 back in March 2024.</p> 
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 <img loading="lazy" decoding="async" width="771" height="558" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2.png" alt="Source: X" class="wp-image-826572" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2.png 771w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2-300x217.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2-768x556.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2-150x109.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-11-2-696x504.png 696w" sizes="auto, (max-width: 771px) 100vw, 771px">
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  Source: X
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<p>There are two clusters: Cluster #1 comes earlier with a mild rise in the bullish activity, while Cluster #2, which occurred in March 2024, displays a sharp peak in the funding rates as a sign of an extremely bullish sentiment and momentum. </p> 
<p>In comparison, with&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/08/99-99-of-all-bitcoin-addresses-in-profit-what-it-actually-means-for-btc/">Bitcoin’s</a>&nbsp;price moving up toward $80.9K, the current period exhibits a growth in the trend of positive funding rates, indicating a rising trend of positive funding rates of bullish positioning.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/12/bitcoin-rally-forecast-93k-key-level-before-final-wave-to-121k/">Bitcoin Rally Forecast: $93K Key Level Before Final Wave to $121K</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitcoin Rally Forecast: $93K Key Level Before Final Wave to $121K

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