Bitcoin (BTC) has been consolidating for over two months now, but according to crypto analyst TradingShot, technical indicators suggest that the first kriptovalyuta may test key resistance levels.
On the evening of February 7, BTC was trading around $98,000, up 1,4% on the day. Despite a 3% year-over-year gain, Bitcoin has been fluctuating between $91,500 and $106,500 for more than two months.
And although January 19 Bitcoin reached a year-to-date high of $109,000, but has since fallen back below the $100,000 mark.
Bitcoin Price Analysis. Source: TradingShot/TradingView
The analyst also notes that from the first high to the last high in this structure, BTC followed a consistent cycle of 101 four-hour candles.
If this pattern holds, the current uptrend that started on February 3 could see BTC reach the top of the Rectangle by February 26, coinciding with previous symmetrical trends.
Based on the analysis, the first short-term price target for Bitcoin is $102,500, which corresponds to the symmetrical resistance zone 1. This level has historically acted as a key resistance point, making it a critical level to watch.
The second target is at $108,000, which represents the top of the Rectangle pattern and corresponds to the symmetrical resistance zone 2. A break above this level could confirm a trend reversal, potentially sending BTC to a larger rally beyond the current range.
