Bitcoin’s “Hair‑Triggered” Rally: Listen Up, Crypto Cowboys!
Looks like Bitcoin decided to stop being a drama queen in its consolidation phase—and that could mean a jaw‑dropping peak at $110,000, according to analyst Cory Mitchell of Trading.biz.
What’s Happening?
- 2023 High Point: $73,794 (March).
- Pullback to May 1: Fell 23% to $56,500.
- Recent Move: Up 27% from the low, now sitting comfortably above $70,000.
- Rounded bottom forming over the last one‑and‑a‑half months—classic “explosive” catalyst when the market is on the rise.
Why the $110,000 Target?
Mitchell breaks it down like a financial detective:
- Median rally after a ≥20% pullback in a bull market: 75%.
- Average rally after such a pullback: 91%.
- Applying that to the May 1 swing low:
- 75% of $56,500 ≈ $99,000 (median).
- 91% of $56,500 ≈ $110,000 (average).
- Both are “typical” swings for Bitcoin whenever the market is sweet and it’s heading toward a bullish run.
Is it a Home Run or a Bad Start?
Past data gives us a good gamble: significant rallies happen after big pullbacks, but each market is a bit different. The averages are just a compass, not a guarantee. If the rally stays modest, Bitcoin might stick around the $90‑$100k corridor for a while before another dip takes the drive. If it rockets, you could see it hitting or even smashing the $110k mark.
Bottom line? Treat the analysis like a weather report—use the forecast as a guide, but never gamble without a safety net.
Ready to Ride?
Plan your approach: set exit points, keep risk tight, and watch for the next big twist in the crypto rollercoaster. The market’s still in a bull run from early 2023, so the next play could be even more exciting.
