Bitcoin’s price shows strength The price continued to consolidate around $90,000 in the past 48 hours, but is currently trading in the mid-$90,000 range. Technical analyst Jackis gave a fair assessment of the likely path for Bitcoin’s next significant move up against the backdrop of short-term price action and a breakout attempt above $95,000, outlining different scenarios for both bulls and bears.
Both prospects have lawsuits, but prices need to be confirmed
Bitcoin has risen 3.1% in the past 24 hours and is currently trading above $95,000. You can see just the price movements in the past 24 hours. The outlook may become more bullish. However, as it stands, the Bitcoin price trend has reached a stage where traders should inform the charts of what will happen next.
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According to to technical analysis Crypto analyst known as Jackis on social media platform X, discussion alone is not enough This is because there are both bullish and bearish arguments when it comes to Bitcoin. In his own words, he has seen similar price movements resolve in opposite directions in different cycles.
The chart below shows how Bitcoin’s price trend is currently forming an ascending triangle pattern on an 8-hour candlestick timeframe chart. However, examples show how this same formation has led to upward reversals in Bitcoin in the past, and even more bearish continuations in Ethereum in the past.
Based on his readings, he now believes there are more reasons for the decline to continue until the market proves otherwise. The active trend is bearish. Both the bullish and bearish outlooks have merit, but price trends need to back them up.
Bitcoin bullish and bearish scenarios
When price breaks in either direction, Follow-through can be done quickly; That means being stubborn in the wrong direction can be costly.
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On the bullish side, Jaquis emphasized that the breakout towards $96,000 is a move that confirms the continuation of the bullish trend. He added that a break above $96,000 at this point could pave the way for prices to rise above $107,000.
On the other hand, the bearish trigger on JACKIS is tied to a rise in the support line. Price movements can look constructive until just before the trendline snaps, the point at which continuation downside becomes the more likely route in this framework.
If Bitcoin loses the lower trendline of its uptrend, it will likely return to the April 24 lows. The April low marks Bitcoin rejecting above $106,100 in January 2025 and entering a multi-month correction. it finally hit bottom The starting price is around $76,000.
This means a clean failure could change the conversation from a range chop to a reset in the mid-$90,000 range.
Featured image from Pixabay, chart from Tradingview.com
