Analyst Says Bitcoin Price Is Ready To Surge: ‘We Would Already Be Below $108,000 If The Crash Wasn’t Over’

As the week draws to a close, Bitcoin continues to show signs of resilience following its dramatic flash crash to the $101,000 price level last ￰0￱ days of intense volatility and heavy liquidations across the market, the world’s largest cryptocurrency has managed to stabilize above this level, even reaching as high as $113,400 during the ￰1￱ this context, crypto analyst Tyrex shared a bullish outlook on X, stating that the worst of the downturn is behind and that Bitcoin could soon be gearing up for an upward surge back to $117,000. Bitcoin’s Price Action Reinforces Bottoming Thesis Tyrex believes Bitcoin’s repeated defense of the $108,000 to $105,000 zone is a strong indication that the market has already bottomed ￰2￱ the week, price action remained around this critical area despite continued selling ￰3￱ means there is the presence of a firm support at this ￰4￱ Reading: Bitcoin Price Crash Below $100,000 Coming?

Factors That Highlight Another Decline The analyst explained that if the correction were still unfolding, Bitcoin would have already slipped below $108,000. Instead, the consistent retest and hold of this range suggests exhaustion of the bearish trend and a setup for a ￰5￱ resilience after major drawdowns has often preceded powerful recovery rallies in previous Bitcoin market ￰6￱ to Tyrex, Bitcoin’s current consolidation phase is forming a base for the next leg ￰7￱ projected that the price could climb toward $117,000 in the coming sessions once short-term resistance levels are ￰8￱ broader technical structure still favors the bulls, with many traders viewing last weekend’s crash as a reset that flushed out excessive leverage rather than a signal of long-term ￰9￱ indicators have also begun to flatten out, and we could see renewed buying interest from both retail and institutional traders into the next ￰10￱ To Benefit From Bitcoin’s Strength Tyrex also suggested that the broader crypto market will follow Bitcoin’s lead once it begins to move decisively ￰11￱ majority of altcoins followed Bitcoin’s crash last weekend and plunged massively.

Ethereum, Solana, and XRP all fell below support levels as market sentiment ￰12￱ Reading: Famous Economist Warns That The Bitcoin Price Recovery Is A Dead Cat Bounce, What This Means However, smaller assets are beginning to stabilize alongside Bitcoin, due to confidence among traders expecting the worst to be ￰13￱ warned investors not to misinterpret the ongoing sideways movement as a sign of further decline, noting that “the market already crashed, let it rest.” At the time of writing, Bitcoin is trading at $105,300. Heading into the new weekend, Bitcoin’s ability to close the week above $105,000 could set the stage for a breakout to $111,000 and $117,000.

If this scenario unfolds, Tyrex’s projection that the crash has concluded and a new uptrend is forming could soon prove accurate. However, failure to hold above $105,000 could lead to a further ￰14￱ image from Pixabay, chart from ￰15￱