💲Bitcoin price rejected at $99,000: Is the Bull Market temporary or over?

Cryptocurrency analyst TradingShot recently discussed the phenomenon of BTC price setback at $99,000 and analyzed whether this is a temporary phenomenon or the end of the Bull Market. His analysis indicates that this price drop is temporary and BTC will still reach the $100,000 mark, and may even exceed this level.

☀️BTC price of $99,000 may be a temporary phenomenon
TradingShot stated in an article on TradingView that the drop in BTC price to $99,000 may be temporary. As for the reasons for the price drop, the analyst pointed out that it may be due to the fading excitement after the election, as the market has fully absorbed the fact that Donald Trump, who supports cryptocurrency, will become the next US president.

The analyst added that the $100,000 level also carries psychological pressure, which may be because investors tend to take profits around this level. From a Technical Analysis perspective, the analyst explained the reasons for the BTC price drop below the $99,000 level.

✨TradingShot emphasized the Fibonacci channel that has been present in the past three cycles (including the current cycle). He pointed out that this pattern began with a strong Rebound, forming the highest point of BTC price in December 2013. The top of this cycle is located at the 0.236 Fibonacci level of the cycle, which rejected the Rebound in the subsequent cycles.

🔝This Fibonacci level rejected the pump trend of BTC price on November 22nd, and acted as the "first true resistance level of the Bull Market cycle". TradingShot stated that this is the first major rejection level faced by the Bull Market cycle before the market ultimately tops. The analyst added that the high points of the past two cycles have always been at the 0.0 Fibonacci level, which technically is at the top of that channel.

The analyst's accompanying chart shows that the target price for BTC at the top of this channel is over $200,000. However, TradingShot mentions that the red dot at the end of 2025 in the current cycle does not represent a prediction, but only serves as an illustration for comparison purposes.

When will the 🐂 market peak
TradingShot also provides insights into when the price of BTC may peak in this market cycle. The analyst points out that the previous Bull Market cycle lasted about 150 weeks (1050 days). Therefore, if this pattern repeats, it means that the price of BTC in this cycle may peak at the end of September or early October.

Analysts suggest it's best to try to catch the top of the market and sell, rather than attach an actual price tag to it. TradingShot adds that despite the BTC price being in a technical reject state, the current rebound began from the low point on August 5th, which coincides perfectly with the 1-week 50-day moving average. As long as this trendline remains intact, analysts point out that the periodic bullish wave should remain intact.
（tv-NewsBTC）