BTC testing 94k
We're currently seeing Bitcoin price action near $94,633, which is a significant level as it represents the 78.6% Fibonacci retracement of the recent uptrend. This creates two potential scenarios:
Scenario 1 (Bullish):
If price holds above $94,633 (78.6% Fib level)
Next target would be the 161.8% Fibonacci extension
This projects a price target of $139,167
Scenario 2 (Slight Pullback):
If price breaks below $94,633
But holds above $79,324 (50% Fibonacci retracement level)
Target would become the 123.6% Fibonacci extension
This projects a more conservative target of $118,720
In both scenarios, the overall trend remains bullish, just with different price targets based on how price reacts to these key Fibonacci levels. The 78.6% level ($94,633) is currently acting as a crucial pivot point that will likely determine which scenario plays out.
Scenario 1 (Bullish):
If price holds above $94,633 (78.6% Fib level)
Next target would be the 161.8% Fibonacci extension
This projects a price target of $139,167
Scenario 2 (Slight Pullback):
If price breaks below $94,633
But holds above $79,324 (50% Fibonacci retracement level)
Target would become the 123.6% Fibonacci extension
This projects a more conservative target of $118,720
In both scenarios, the overall trend remains bullish, just with different price targets based on how price reacts to these key Fibonacci levels. The 78.6% level ($94,633) is currently acting as a crucial pivot point that will likely determine which scenario plays out.
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