Bitcoin (BTC) is in a correction, trading at $103,993 after a 0.18% drop in the last 24 hours. Despite the recent high of $111,970, can Bitcoin regain momentum? Crypto analyst PlanD thinks so, but only if it holds a key support zone.
PlanD says BTC could reach $340,000 if it holds above the $91,000-$100,000 range. His theory is based on a 3-year cup-and-handle formation—a classic bullish pattern where there’s a period of consolidation followed by a breakout.
Bitcoin en geniş açılı analizlerimde 25.000$ seviyesinden 109.000$’a kadar olan yükselişi adım adım analiz ederek takip ettim,ardından 109.000$ zirvesinden %30’luk gelecek olan 76.000$’lık düzeltmeyi öngörüp yatırımcıları uyardık ve düşüş konusunda haklı çıktım şuanda
… pic.twitter.com/fbqNo77e6I
— PlanD (@cryptododo7) May 31, 2025
The collapse from $69,000 in 2021 to stabilization in March 2024 is the “cup,” and the recent consolidation below $112,000 is the “handle”.
Bitcoin Chart Structure Supports a Bullish Reversal
The current price action is a descending channel with lower highs and lows, typical of a consolidation phase. Key resistance is at the 50-period EMA near $105,292, which has been capping recent rallies.
Fibonacci levels indicate critical zones—BTC is testing support at the 0.236 retracement level ($104,514), with a risk of dipping to $103,149 or lower if sellers regain control.
Candlestick signals, including spinning tops and shooting stars, indicate market indecision. The MACD histogram is negative, but the signal lines are converging, which may suggest that a potential reversal is approaching. The RSI is below 40, indicating a mildly oversold condition but not yet a clear reversal.
What to Watch
For bullish momentum to return, Bitcoin needs to break above the descending channel and close above $105,292, ideally with strong candlestick formations, such as engulfing patterns or three white soldiers. This could lead to $106,719-$107,682, followed by a larger rally.
Key levels to watch:
- Support: $104,514, $103,149, $102,141
- Resistance: $105,292, $106,040, $107,682
If Bitcoin holds above $91,000-$100,000, it could be the start of the move to $340,000 by 2025, according to PlanD. But if not, deeper corrections. With a $2 trillion market cap and 24-hour trading volume over $40 billion, volatility is key. Be nimble and watch for breakouts or breakdowns from this range.
Best Wallet ($BEST): Redefining Crypto Storage and Access
Best Wallet is setting new standards for crypto wallets, combining security, usability, and early-stage investment options.
With a user-friendly app available on Google Play and the App Store, it supports over 1,000 cryptocurrencies. It is the first wallet to use Fireblocks MPC-CMP technology for advanced security.
Key features include the Upcoming Tokens page, which allows users to purchase presale tokens directly within the app, eliminating the need to connect external wallets to unfamiliar sites. The $BEST token offers benefits such as reduced transaction fees, enhanced staking rewards, governance rights, and access to exclusive airdrops and quests.
With over $12.95 million raised and tokens priced at $0.025115, now is a great time to join.
The post Bitcoin Price Prediction: Analyst Says $340,000 Is Possible If Bulls Hold This Zone appeared first on Cryptonews.
https://cryptonews.com/news/bitcoin-price-prediction-analyst-says-340000-is-possible-if-bulls-hold-this-zone/
