Crypto analyst TradingShot recently analyzed Bitcoin's price rejection at $99,000, suggesting it's temporary and that Bitcoin might still reach and surpass $100,000.
The rejection is attributed to post-election euphoria exhaustion and psychological profit-taking at the $100,000 level. TradingShot believes the price rejection is a temporary hurdle.
He used Fibonacci channel analysis, noting recurring patterns in Bitcoin's cycles. The 0.236 Fib level served as a rejection point for rallies, seen in previous cycles.
The high in earlier cycles reached the 0.0 Fibonacci level, hinting at a potential Bitcoin price target exceeding $200,000 in this cycle.
TradingShot estimates the market top could happen around late September or early October, based on patterns of past bull cycles lasting roughly 150 weeks.
Despite technical rejections, TradingShot emphasized the importance of timing the market top rather than setting a specific price target, as long as key trendlines hold.
